Wealthfront Advisers LLC Takes Position in WK Kellogg Co (NYSE:KLG)

Wealthfront Advisers LLC bought a new position in WK Kellogg Co (NYSE:KLG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,426 shares of the company’s stock, valued at approximately $44,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in WK Kellogg by 1,217.5% in the 4th quarter. Victory Capital Management Inc. now owns 233,997 shares of the company’s stock worth $4,210,000 after purchasing an additional 216,236 shares during the last quarter. Alberta Investment Management Corp acquired a new stake in WK Kellogg in the 4th quarter worth approximately $2,022,000. Royce & Associates LP lifted its holdings in WK Kellogg by 199.8% in the 3rd quarter. Royce & Associates LP now owns 71,987 shares of the company’s stock worth $1,232,000 after purchasing an additional 47,973 shares during the last quarter. Barclays PLC lifted its holdings in WK Kellogg by 406.6% in the 3rd quarter. Barclays PLC now owns 128,710 shares of the company’s stock worth $2,202,000 after purchasing an additional 103,301 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in WK Kellogg by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company’s stock worth $19,036,000 after purchasing an additional 79,808 shares during the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Stock Performance

KLG opened at $20.04 on Wednesday. The stock’s 50 day simple moving average is $18.07 and its 200-day simple moving average is $18.15. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45. The stock has a market cap of $1.73 billion, a PE ratio of 24.74, a P/E/G ratio of 2.01 and a beta of 0.30. WK Kellogg Co has a 1 year low of $15.17 and a 1 year high of $24.63.

WK Kellogg (NYSE:KLG) last issued its earnings results on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. Sell-side analysts forecast that WK Kellogg Co will post 1.57 EPS for the current year.

WK Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.29%. This is a positive change from WK Kellogg’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 28th. WK Kellogg’s dividend payout ratio is presently 81.48%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on KLG. Stifel Nicolaus reduced their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, January 24th. Barclays dropped their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Jefferies Financial Group dropped their price target on WK Kellogg from $19.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Finally, TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and dropped their price target for the stock from $18.00 to $16.00 in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.88.

WK Kellogg Profile

WK Kellogg Co operates as a food company in the United States, Canada, and the Caribbean. It manufactures, markets, and distributes ready-to-eat cereal products primarily under the Frosted Flakes, Special K, Froot Loops, Raisin Bran, Frosted Mini-Wheats, and Kashi brands. The company was formerly known as North America Cereal Co and changed its name to WK Kellogg Co in March 2023.