819,201 Shares in WK Kellogg Co (NYSE:KLG) Purchased by Wellington Management Group LLP

Wellington Management Group LLP bought a new stake in shares of WK Kellogg Co (NYSE:KLG) in the 4th quarter, Holdings Channel reports. The firm bought 819,201 shares of the company’s stock, valued at approximately $14,737,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Halbert Hargrove Global Advisors LLC purchased a new position in WK Kellogg during the fourth quarter valued at $25,000. SBI Securities Co. Ltd. purchased a new position in shares of WK Kellogg in the 4th quarter worth about $36,000. Wealthfront Advisers LLC bought a new position in WK Kellogg in the 4th quarter worth about $44,000. GAMMA Investing LLC lifted its stake in shares of WK Kellogg by 49.4% in the fourth quarter. GAMMA Investing LLC now owns 2,823 shares of the company’s stock worth $51,000 after buying an additional 933 shares in the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of WK Kellogg during the fourth quarter valued at approximately $56,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

WK Kellogg Price Performance

Shares of WK Kellogg stock opened at $18.02 on Wednesday. The stock has a market cap of $1.55 billion, a P/E ratio of 22.24, a P/E/G ratio of 2.01 and a beta of 0.39. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74. The stock’s fifty day moving average is $18.96 and its 200 day moving average is $18.28. WK Kellogg Co has a one year low of $15.17 and a one year high of $24.63.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.42 earnings per share 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 anticipate that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a $0.165 dividend. This is a positive change from WK Kellogg’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.66%. 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 commented on KLG. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Stifel Nicolaus dropped their target price on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, January 24th. Barclays decreased their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note 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 note on Tuesday, January 28th. Finally, Morgan Stanley assumed coverage on WK Kellogg in a research report on Monday, March 24th. They set an “underweight” rating and a $18.00 price objective for the company. Five research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg currently has an average rating of “Reduce” and a consensus price target of $17.89.

About WK Kellogg

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.