Texas Permanent School Fund Corp Sells 8,357 Shares of WK Kellogg Co (NYSE:KLG)

Texas Permanent School Fund Corp lowered its holdings in shares of WK Kellogg Co (NYSE:KLG) by 14.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 49,349 shares of the company’s stock after selling 8,357 shares during the period. Texas Permanent School Fund Corp’s holdings in WK Kellogg were worth $812,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Brown Brothers Harriman & Co. bought a new position in shares of WK Kellogg in the fourth quarter worth approximately $27,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of WK Kellogg in the fourth quarter worth approximately $31,000. Kapitalo Investimentos Ltda bought a new position in shares of WK Kellogg in the fourth quarter worth approximately $39,000. Quarry LP bought a new position in shares of WK Kellogg in the fourth quarter worth approximately $41,000. Finally, EntryPoint Capital LLC bought a new position in shares of WK Kellogg in the first quarter worth approximately $42,000. Institutional investors own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

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

WK Kellogg Stock Down 1.0 %

KLG opened at $18.20 on Friday. 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. The company has a market capitalization of $1.56 billion and a PE ratio of 12.05. The firm’s 50 day simple moving average is $17.28 and its two-hundred day simple moving average is $18.52.

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

WK Kellogg Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.52%. WK Kellogg’s payout ratio is 42.38%.

WK Kellogg 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.