Seven Eight Capital LP Acquires New Holdings in WK Kellogg Co (NYSE:KLG)

Seven Eight Capital LP bought a new position in shares of WK Kellogg Co (NYSE:KLG) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 35,080 shares of the company’s stock, valued at approximately $577,000.

Several other institutional investors and hedge funds also recently modified their holdings of KLG. Brown Brothers Harriman & Co. acquired a new stake in shares of WK Kellogg during the fourth quarter worth $27,000. EntryPoint Capital LLC acquired a new stake in WK Kellogg in the 1st quarter valued at $42,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of WK Kellogg in the fourth quarter valued at about $31,000. Rothschild Investment LLC acquired a new stake in WK Kellogg in the second quarter valued at approximately $46,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in WK Kellogg during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Performance

Shares of KLG stock opened at $18.20 on Friday. The company has a market cap of $1.56 billion and a P/E ratio of 12.05. WK Kellogg Co has a 52 week low of $9.65 and a 52 week 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 business has a 50 day moving average of $17.28 and a two-hundred day moving average of $18.52.

WK Kellogg (NYSE:KLG) last released 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). 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 business’s quarterly revenue was down 4.0% compared to the same quarter last year. As a group, analysts anticipate that WK Kellogg Co will post 1.5 EPS for the current year.

WK Kellogg Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on KLG shares. JPMorgan Chase & Co. lowered their price objective 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. Bank of America cut shares of WK Kellogg from a “neutral” rating to an “underperform” rating and cut their price target for the company from $24.00 to $17.00 in a report on Wednesday, July 10th. Stifel Nicolaus decreased their price objective on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. Finally, Barclays cut 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 note on Friday, July 19th. Four investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg presently has an average rating of “Hold” and an average target price 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.