Acadian Asset Management LLC Has $1.21 Million Holdings in WK Kellogg Co (NYSE:KLG)

Acadian Asset Management LLC raised its position in WK Kellogg Co (NYSE:KLG) by 64,642.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,806 shares of the company’s stock after buying an additional 73,692 shares during the period. Acadian Asset Management LLC owned 0.09% of WK Kellogg worth $1,213,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. acquired a new position in WK Kellogg in the fourth quarter valued at about $27,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of WK Kellogg in the fourth quarter worth about $31,000. Kapitalo Investimentos Ltda bought a new position in shares of WK Kellogg in the fourth quarter worth about $39,000. Quarry LP bought a new position in shares of WK Kellogg in the fourth quarter worth about $41,000. Finally, EntryPoint Capital LLC bought a new position in shares of WK Kellogg in the first quarter worth about $42,000. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Stock Performance

Shares of KLG opened at $18.37 on Monday. WK Kellogg Co has a 12 month low of $9.65 and a 12 month high of $24.63. The firm has a fifty day simple moving average of $17.06 and a 200 day simple moving average of $18.42. The stock has a market capitalization of $1.58 billion and a price-to-earnings ratio of 13.11. 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 (NYSE:KLG) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) 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 firm had revenue of $672.00 million for the quarter, compared to the consensus estimate of $671.50 million. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. Research analysts forecast that WK Kellogg Co will post 1.5 EPS for the current fiscal year.

WK Kellogg Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.48%. The ex-dividend date was Thursday, August 29th.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on KLG. Barclays dropped their price target on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, July 19th. Bank of America downgraded shares of 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 research note on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price target on shares of 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 dropped 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 note on Tuesday, July 23rd. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.40.

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.