Commonwealth Equity Services LLC Has $526,000 Position in WK Kellogg Co (NYSE:KLG)

Commonwealth Equity Services LLC cut its holdings in WK Kellogg Co (NYSE:KLG) by 8.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 31,965 shares of the company’s stock after selling 2,891 shares during the quarter. Commonwealth Equity Services LLC’s holdings in WK Kellogg were worth $526,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of KLG. Brown Brothers Harriman & Co. bought a new stake in shares of WK Kellogg during the 4th quarter worth approximately $27,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of WK Kellogg during the 4th quarter worth $31,000. Kapitalo Investimentos Ltda bought a new stake in shares of WK Kellogg during the 4th quarter worth $39,000. Quarry LP bought a new stake in shares of WK Kellogg during the 4th quarter worth $41,000. Finally, EntryPoint Capital LLC bought a new position in WK Kellogg in the first quarter valued at about $42,000. 95.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

WK Kellogg Price Performance

WK Kellogg stock opened at $18.19 on Friday. WK Kellogg Co has a 52 week low of $9.65 and a 52 week high of $24.63. The business has a 50-day simple moving average of $17.28 and a 200 day simple moving average of $18.49. The company has a quick ratio of 0.36, a current ratio of 0.83 and a debt-to-equity ratio of 1.42. The stock has a market cap of $1.56 billion and a price-to-earnings ratio of 12.05.

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

WK Kellogg Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date was Thursday, August 29th. WK Kellogg’s dividend payout ratio (DPR) is presently 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.