The Manufacturers Life Insurance Company Sells 722 Shares of WK Kellogg Co (NYSE:KLG)

The Manufacturers Life Insurance Company reduced its position in WK Kellogg Co (NYSE:KLG) by 2.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 33,004 shares of the company’s stock after selling 722 shares during the period. The Manufacturers Life Insurance Company’s holdings in WK Kellogg were worth $565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake 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 acquiring an additional 888 shares during the period. Rothschild Investment LLC purchased a new stake in shares of WK Kellogg during the 2nd quarter valued at approximately $46,000. Abich Financial Wealth Management LLC boosted its holdings 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 worth $77,000 after buying an additional 4,362 shares during the period. International Assets Investment Management LLC grew its stake 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 buying an additional 4,431 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in WK Kellogg during the 3rd quarter valued at $99,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

Insider Activity

In other news, Director G Zachary Gund bought 65,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was bought at an average price of $17.76 per share, for a total transaction of $1,154,400.00. Following the transaction, the director now directly owns 195,000 shares of the company’s stock, valued at $3,463,200. This represents a 50.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Barclays lifted their price target on WK Kellogg from $16.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg currently has a consensus rating of “Hold” and an average price target of $19.71.

WK Kellogg Trading Down 0.0 %

Shares of KLG stock opened at $20.78 on Friday. The company has a market capitalization of $1.79 billion, a PE ratio of 26.64 and a beta of 0.07. WK Kellogg Co has a 52-week low of $11.95 and a 52-week high of $24.63. The business’s fifty day moving average is $18.45 and its 200 day moving average is $17.73. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78.

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

WK Kellogg Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Friday, November 29th. WK Kellogg’s payout ratio is 82.05%.

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.