Municipal Employees Retirement System of Michigan Increases Stake in Kellogg Company (NYSE:K)
Municipal Employees Retirement System of Michigan boosted its stake in Kellogg Company (NYSE:K) by 129.8% during the second quarter, Holdings Channel reports. The firm owned 18,610 shares of the company’s stock after buying an additional 10,510 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Kellogg were worth $1,293,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the period. BlackRock Inc. raised its stake in Kellogg by 2,851.0% in the first quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock valued at $1,464,385,000 after buying an additional 19,484,390 shares during the period. State Street Corp raised its stake in Kellogg by 1.4% in the first quarter. State Street Corp now owns 11,534,453 shares of the company’s stock valued at $837,528,000 after buying an additional 154,732 shares during the period. Lazard Asset Management LLC raised its stake in Kellogg by 2.5% in the first quarter. Lazard Asset Management LLC now owns 4,039,520 shares of the company’s stock valued at $293,308,000 after buying an additional 97,233 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Kellogg by 73.4% in the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock valued at $229,273,000 after buying an additional 1,336,400 shares during the period. Institutional investors own 83.53% of the company’s stock.
Kellogg Company (NYSE K) opened at 70.11 on Tuesday. The firm has a market capitalization of $24.56 billion, a PE ratio of 31.72 and a beta of 0.50. The company has a 50-day moving average price of $68.54 and a 200-day moving average price of $71.70. Kellogg Company has a 12-month low of $65.32 and a 12-month high of $84.28.
Kellogg (NYSE:K) last released its earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. Kellogg’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. On average, analysts predict that Kellogg Company will post $3.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.54 dividend. This is a boost from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Wednesday, August 30th. Kellogg’s payout ratio is presently 94.12%.
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Several research analysts have recently weighed in on K shares. Zacks Investment Research cut Kellogg from a “buy” rating to a “hold” rating in a report on Friday. Susquehanna Bancshares Inc set a $78.00 target price on Kellogg and gave the stock a “hold” rating in a report on Thursday, May 4th. Piper Jaffray Companies set a $78.00 target price on Kellogg and gave the stock a “buy” rating in a report on Monday. Credit Suisse Group lowered their target price on Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, May 5th. Finally, Morgan Stanley restated an “equal weight” rating and set a $69.00 target price (down from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Kellogg has a consensus rating of “Hold” and a consensus price target of $74.67.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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