Louisiana State Employees Retirement System Sells 1,300 Shares of WK Kellogg Co (NYSE:KLG)

Louisiana State Employees Retirement System lessened its stake in WK Kellogg Co (NYSE:KLG) by 3.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,000 shares of the company’s stock after selling 1,300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in WK Kellogg were worth $548,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Impact Partnership Wealth LLC bought a new stake in WK Kellogg in the third quarter valued at about $440,000. International Assets Investment Management LLC increased its holdings in WK Kellogg by 1,724.1% in the third quarter. International Assets Investment Management LLC now owns 4,688 shares of the company’s stock valued at $80,000 after purchasing an additional 4,431 shares during the last quarter. Kessler Investment Group LLC increased its holdings in WK Kellogg by 2,071,200.0% in the third quarter. Kessler Investment Group LLC now owns 20,713 shares of the company’s stock valued at $354,000 after purchasing an additional 20,712 shares during the last quarter. Inlet Private Wealth LLC increased its holdings in WK Kellogg by 3.3% in the third quarter. Inlet Private Wealth LLC now owns 320,840 shares of the company’s stock valued at $5,490,000 after purchasing an additional 10,300 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in WK Kellogg in the third quarter valued at about $99,000. Institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Up 1.7 %

KLG stock opened at $16.74 on Wednesday. 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 stock has a market capitalization of $1.44 billion and a P/E ratio of 11.96. The business has a 50-day moving average of $17.46 and a 200-day moving average of $18.21. WK Kellogg Co has a fifty-two week low of $10.11 and a fifty-two week high of $24.63.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The firm had revenue of $672.00 million for the quarter, compared to analyst estimates of $671.50 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. On average, sell-side analysts anticipate that WK Kellogg Co will post 1.5 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.82%. WK Kellogg’s dividend payout ratio is currently 45.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Stifel Nicolaus dropped their price objective on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. Barclays lowered their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, July 19th. Bank of America downgraded WK Kellogg from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $24.00 to $17.00 in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lowered their price target on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, WK Kellogg currently has an average rating of “Hold” and an average target price of $18.50.

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.