Marshall Wace LLP Reduces Holdings in WK Kellogg Co (NYSE:KLG)

Marshall Wace LLP cut its holdings in shares of WK Kellogg Co (NYSE:KLG) by 72.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 293,626 shares of the company’s stock after selling 754,918 shares during the period. Marshall Wace LLP’s holdings in WK Kellogg were worth $4,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Texas Permanent School Fund Corp grew its stake in WK Kellogg by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 57,706 shares of the company’s stock valued at $1,085,000 after purchasing an additional 754 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of WK Kellogg by 0.5% during the 1st quarter. Ancora Advisors LLC now owns 318,596 shares of the company’s stock valued at $5,990,000 after buying an additional 1,550 shares during the last quarter. Alpha Omega Wealth Management LLC grew its position in shares of WK Kellogg by 15.2% during the first quarter. Alpha Omega Wealth Management LLC now owns 13,080 shares of the company’s stock worth $246,000 after buying an additional 1,725 shares in the last quarter. Westhampton Capital LLC increased its stake in shares of WK Kellogg by 2.5% in the first quarter. Westhampton Capital LLC now owns 83,494 shares of the company’s stock worth $1,570,000 after buying an additional 2,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in WK Kellogg by 15.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,638 shares of the company’s stock valued at $276,000 after acquiring an additional 2,009 shares in the last quarter. 95.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

WK Kellogg Stock Up 0.6 %

WK Kellogg stock opened at $17.22 on Wednesday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.36 and a current ratio of 0.83. WK Kellogg Co has a one year low of $9.65 and a one year high of $24.63. The company has a 50-day simple moving average of $17.43 and a 200-day simple moving average of $18.65. The firm has a market capitalization of $1.48 billion and a P/E ratio of 11.40.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). The firm 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%. The business’s quarterly revenue was down 4.0% compared to the same quarter last year. As a group, equities analysts expect that WK Kellogg Co will post 1.5 earnings per share for the current year.

WK Kellogg Dividend Announcement

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 dividend of $0.16 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.72%. WK Kellogg’s dividend payout ratio (DPR) is presently 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.