WK Kellogg Co (NYSE:KLG) Holdings Cut by Amalgamated Bank

Amalgamated Bank cut its stake in shares of WK Kellogg Co (NYSE:KLG) by 6.7% in the 2nd quarter, Holdings Channel reports. The firm owned 20,116 shares of the company’s stock after selling 1,448 shares during the quarter. Amalgamated Bank’s holdings in WK Kellogg were worth $331,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brown Brothers Harriman & Co. acquired a new position in WK Kellogg during the 4th quarter valued at approximately $27,000. Kapitalo Investimentos Ltda acquired a new position in shares of WK Kellogg during the fourth quarter valued at $39,000. Quarry LP acquired a new position in shares of WK Kellogg during the fourth quarter valued at $41,000. EntryPoint Capital LLC bought a new position in shares of WK Kellogg during the first quarter worth about $42,000. Finally, Rothschild Investment LLC acquired a new stake in shares of WK Kellogg in the 2nd quarter worth about $46,000. 95.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on KLG. JPMorgan Chase & Co. reduced their target price on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Barclays decreased their price objective on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, July 19th. Bank of America downgraded WK Kellogg from a “neutral” rating to an “underperform” rating and cut their target price for the company from $24.00 to $17.00 in a research note on Wednesday, July 10th. Finally, Stifel Nicolaus decreased their price target on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, WK Kellogg has an average rating of “Hold” and a consensus price target of $17.40.

WK Kellogg Stock Up 0.7 %

KLG opened at $17.56 on Monday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.36 and a current ratio of 0.83. The company has a market capitalization of $1.51 billion and a PE ratio of 11.63. The stock’s fifty day moving average is $17.41 and its 200-day moving average is $18.62. WK Kellogg Co has a one year low of $9.65 and a one 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). WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. The business had revenue of $672.00 million during the quarter, compared to analyst estimates of $671.50 million. WK Kellogg’s revenue for the quarter was down 4.0% on a year-over-year basis. On average, equities analysts predict that WK Kellogg Co will post 1.5 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were given a $0.16 dividend. The ex-dividend date was Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 3.64%. WK Kellogg’s dividend payout ratio (DPR) is 42.38%.

WK Kellogg Company 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.