Seven Eight Capital LP Buys New Position in WK Kellogg Co (NYSE:KLG)

Seven Eight Capital LP purchased a new position in shares of WK Kellogg Co (NYSE:KLG) during the second quarter, Holdings Channel.com reports. The fund purchased 35,080 shares of the company’s stock, valued at approximately $577,000.

A number of other institutional investors also recently made changes to their positions in KLG. Kellogg W K Foundation Trust bought a new stake in WK Kellogg during the fourth quarter worth approximately $177,458,000. Rodgers Brothers Inc. lifted its holdings in WK Kellogg by 2,253.3% in the 1st quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company’s stock valued at $11,721,000 after acquiring an additional 596,975 shares during the last quarter. Jupiter Asset Management Ltd. lifted its stake 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 valued at $9,985,000 after purchasing an additional 504,232 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of WK Kellogg in the first quarter valued at $8,998,000. Finally, Charles Schwab Investment Management Inc. acquired a new stake in shares of WK Kellogg during the 4th quarter valued at $6,159,000. 95.74% of the stock is owned by institutional investors and hedge funds.

WK Kellogg Trading Down 1.0 %

WK Kellogg stock opened at $18.20 on Friday. The stock has a market cap of $1.56 billion and a P/E ratio of 12.05. WK Kellogg Co has a 12 month low of $9.65 and a 12 month high of $24.63. 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 company’s fifty day simple moving average is $17.28 and its 200-day simple moving average is $18.52.

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 the consensus estimate of $671.50 million. WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. WK Kellogg’s revenue for the quarter was down 4.0% on a year-over-year basis. As a group, sell-side analysts forecast 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. Stockholders of record on Thursday, August 29th were paid 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 dividend payout ratio (DPR) is 42.38%.

Wall Street Analyst Weigh In

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

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.