WK Kellogg (NYSE:KLG) Shares Gap Up Following Insider Buying Activity

WK Kellogg Co (NYSE:KLG) shares gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $17.18, but opened at $17.72. WK Kellogg shares last traded at $17.23, with a volume of 206,579 shares traded.

Specifically, Director G Zachary Gund acquired 65,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was purchased at an average cost of $17.76 per share, for a total transaction of $1,154,400.00. Following the purchase, the director now directly owns 195,000 shares in the company, valued at $3,463,200. This represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director G Zachary Gund acquired 65,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were bought at an average price of $17.94 per share, with a total value of $1,166,100.00. Following the completion of the purchase, the director now owns 65,000 shares in the company, valued at $1,166,100. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays increased their price target on WK Kellogg from $16.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. decreased their price target on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. 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. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.88.

WK Kellogg Price Performance

The stock has a market cap of $1.48 billion and a price-to-earnings ratio of 22.09. The stock has a fifty day simple moving average of $17.52 and a 200-day simple moving average of $17.96. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.49.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company had revenue of $689.00 million during the quarter, compared to the consensus estimate of $674.10 million. During the same quarter last year, the company earned $0.49 EPS. The company’s quarterly revenue was down .4% on a year-over-year basis. As a group, equities research analysts expect that WK Kellogg Co will post 1.49 EPS for the current year.

WK Kellogg Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.71%. WK Kellogg’s dividend payout ratio (DPR) is presently 82.05%.

Hedge Funds Weigh In On WK Kellogg

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in WK Kellogg by 88.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock valued at $32,000 after purchasing an additional 888 shares during the last quarter. EntryPoint Capital LLC bought a new position in WK Kellogg in the 1st quarter valued at $42,000. Rothschild Investment LLC bought a new position in WK Kellogg in the 2nd quarter valued at $46,000. Abich Financial Wealth Management LLC raised its position in WK Kellogg by 3,575.4% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 4,484 shares of the company’s stock valued at $77,000 after purchasing an additional 4,362 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in WK Kellogg by 1,724.1% in the 3rd quarter. International Assets Investment Management LLC now owns 4,688 shares of the company’s stock valued at $80,000 after purchasing an additional 4,431 shares during the last quarter. Institutional investors own 95.74% of the company’s stock.

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.