WK Kellogg Co (NYSE:KLG) Shares Bought by Rhumbline Advisers

Rhumbline Advisers raised its stake in WK Kellogg Co (NYSE:KLG) by 13.7% in the second quarter, HoldingsChannel.com reports. The fund owned 195,148 shares of the company’s stock after buying an additional 23,445 shares during the quarter. Rhumbline Advisers’ holdings in WK Kellogg were worth $3,212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in KLG. Kellogg W K Foundation Trust bought a new stake in shares of WK Kellogg during the fourth quarter valued at approximately $177,458,000. Rodgers Brothers Inc. raised its holdings in WK Kellogg by 2,253.3% during the first quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company’s stock worth $11,721,000 after purchasing an additional 596,975 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in WK Kellogg by 1,876.1% during the first quarter. Jupiter Asset Management Ltd. now owns 531,108 shares of the company’s stock worth $9,985,000 after purchasing an additional 504,232 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in WK Kellogg during the first quarter worth approximately $8,998,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in WK Kellogg during the fourth quarter worth approximately $6,159,000. Institutional investors own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

KLG has been the topic of several recent analyst reports. Bank of America cut WK Kellogg from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $24.00 to $17.00 in a report on Wednesday, July 10th. Stifel Nicolaus dropped their target price on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Barclays dropped their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. dropped their target price on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.40.

WK Kellogg Stock Performance

NYSE KLG opened at $18.17 on Wednesday. The firm has a market cap of $1.56 billion and a price-to-earnings ratio of 12.03. The company has a 50 day moving average of $17.14 and a 200-day moving average of $18.47. The company has a current ratio of 0.83, a quick ratio of 0.36 and a debt-to-equity ratio of 1.42. WK Kellogg Co has a 1-year low of $9.65 and a 1-year high of $24.63.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $672.00 million during the quarter, compared to analyst estimates of $671.50 million. WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. WK Kellogg’s quarterly revenue was down 4.0% compared to the same quarter last year. On average, equities analysts forecast that WK Kellogg Co will post 1.5 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.52%. WK Kellogg’s dividend payout ratio is 42.38%.

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.