Massachusetts Financial Services Co. MA Sells 9,940 Shares of WK Kellogg Co (NYSE:KLG)

Massachusetts Financial Services Co. MA lessened its holdings in WK Kellogg Co (NYSE:KLG) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,400,054 shares of the company’s stock after selling 9,940 shares during the period. Massachusetts Financial Services Co. MA owned about 1.63% of WK Kellogg worth $23,045,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in KLG. Brown Brothers Harriman & Co. purchased a new stake in shares of WK Kellogg in the fourth quarter worth approximately $27,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in WK Kellogg in the 4th quarter valued at $31,000. Kapitalo Investimentos Ltda purchased a new stake in WK Kellogg in the 4th quarter valued at $39,000. Quarry LP bought a new position in WK Kellogg during the 4th quarter valued at $41,000. Finally, EntryPoint Capital LLC purchased a new position in WK Kellogg during the 1st quarter worth $42,000. Institutional investors own 95.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on KLG shares. Bank of America downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $24.00 to $17.00 in a report on Wednesday, July 10th. 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. JPMorgan Chase & Co. reduced their target price on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Stifel Nicolaus dropped their price target on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, WK Kellogg presently has a consensus rating of “Hold” and a consensus price target of $17.40.

WK Kellogg Stock Performance

NYSE:KLG opened at $18.19 on Friday. The company has a market capitalization of $1.56 billion and a P/E ratio of 12.05. The business has a fifty day simple moving average of $17.28 and a two-hundred day simple moving average of $18.49. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.83 and a quick ratio of 0.36. WK Kellogg Co has a 1 year low of $9.65 and a 1 year high of $24.63.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. The business’s quarterly revenue was down 4.0% on a year-over-year basis. On average, analysts expect that WK Kellogg Co will post 1.5 earnings per share for the current year.

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date was Thursday, August 29th. WK Kellogg’s payout ratio is currently 42.38%.

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.