HighTower Advisors LLC Makes New $254,000 Investment in WK Kellogg Co (NYSE:KLG)

HighTower Advisors LLC acquired a new stake in shares of WK Kellogg Co (NYSE:KLG) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 14,964 shares of the company’s stock, valued at approximately $254,000.

A number of other large investors also recently modified their holdings of the company. Captrust Financial Advisors increased its stake in WK Kellogg by 12,352.1% during the third quarter. Captrust Financial Advisors now owns 1,516,417 shares of the company’s stock worth $25,946,000 after acquiring an additional 1,504,239 shares during the last quarter. AQR Capital Management LLC boosted its position in WK Kellogg by 579.1% during the second quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock valued at $23,107,000 after purchasing an additional 1,197,133 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in WK Kellogg by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company’s stock valued at $19,036,000 after acquiring an additional 79,808 shares during the last quarter. Bank of New York Mellon Corp grew its stake in WK Kellogg by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 904,699 shares of the company’s stock worth $14,891,000 after buying an additional 77,262 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its stake in WK Kellogg by 64.4% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 873,047 shares of the company’s stock worth $14,370,000 after purchasing an additional 341,939 shares in the last quarter. Hedge funds and other institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Up 2.9 %

Shares of NYSE:KLG opened at $18.17 on Wednesday. The firm’s 50-day simple moving average is $18.61 and its 200-day simple moving average is $17.72. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 23.29 and a beta of 0.05. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.49. WK Kellogg Co has a fifty-two week low of $12.32 and a fifty-two week high of $24.63.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the business posted $0.49 earnings per share. As a group, equities research analysts predict that WK Kellogg Co will post 1.49 earnings per share for the current year.

WK Kellogg Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.52%. WK Kellogg’s dividend payout ratio is presently 82.05%.

Wall Street Analysts Forecast Growth

Separately, Barclays increased their price target on WK Kellogg from $16.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $19.71.

Insider Activity at WK Kellogg

In related news, Director G Zachary Gund acquired 65,000 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were acquired at an average cost of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the purchase, the director now directly owns 195,000 shares in the company, valued at $3,463,200. This trade represents a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.90% of the stock is currently owned by corporate insiders.

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.