Texas Permanent School Fund Corp Sells 8,357 Shares of WK Kellogg Co (NYSE:KLG)

Texas Permanent School Fund Corp trimmed its position in WK Kellogg Co (NYSE:KLG) by 14.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,349 shares of the company’s stock after selling 8,357 shares during the period. Texas Permanent School Fund Corp owned 0.06% of WK Kellogg worth $812,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in WK Kellogg by 64,642.1% in the 2nd quarter. Acadian Asset Management LLC now owns 73,806 shares of the company’s stock valued at $1,213,000 after purchasing an additional 73,692 shares during the period. Gallacher Capital Management LLC bought a new stake in shares of WK Kellogg during the 2nd quarter worth $568,000. Rhumbline Advisers lifted its holdings in shares of WK Kellogg by 13.7% during the 2nd quarter. Rhumbline Advisers now owns 195,148 shares of the company’s stock worth $3,212,000 after acquiring an additional 23,445 shares during the last quarter. Versor Investments LP bought a new stake in shares of WK Kellogg during the 2nd quarter worth $314,000. Finally, Rothschild Investment LLC bought a new stake in shares of WK Kellogg during the 2nd quarter worth $46,000. 95.74% of the stock is owned by institutional investors.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $18.20 on Friday. WK Kellogg Co has a 1 year low of $9.65 and a 1 year high of $24.63. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.83 and a quick ratio of 0.36. The company’s 50-day moving average is $17.28 and its 200 day moving average is $18.52. The stock has a market capitalization of $1.56 billion and a P/E ratio of 12.05.

WK Kellogg (NYSE:KLG) last announced 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 net margin of 4.45% and a return on equity of 42.12%. The company had revenue of $672.00 million for the quarter, compared to analysts’ expectations of $671.50 million. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. On average, sell-side analysts expect that WK Kellogg Co will post 1.5 earnings per share for the current year.

WK Kellogg Announces Dividend

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

Analyst Ratings Changes

A number of research firms have recently issued reports on KLG. JPMorgan Chase & Co. dropped their price objective on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Bank of America downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $24.00 to $17.00 in a report on Wednesday, July 10th. Stifel Nicolaus dropped 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 dropped their price objective on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, July 19th. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.40.

WK Kellogg 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.