JPMorgan Chase & Co. Acquires 127,984 Shares of WK Kellogg Co (NYSE:KLG)

JPMorgan Chase & Co. lifted its stake in WK Kellogg Co (NYSE:KLG) by 69.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 313,182 shares of the company’s stock after purchasing an additional 127,984 shares during the period. JPMorgan Chase & Co. owned about 0.36% of WK Kellogg worth $5,359,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in WK Kellogg by 11.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 439,258 shares of the company’s stock valued at $7,232,000 after buying an additional 46,735 shares during the period. Renaissance Technologies LLC raised its stake in shares of WK Kellogg by 124.5% during the second quarter. Renaissance Technologies LLC now owns 538,600 shares of the company’s stock valued at $8,865,000 after acquiring an additional 298,700 shares in the last quarter. Seven Eight Capital LP purchased a new stake in shares of WK Kellogg in the second quarter valued at approximately $577,000. Hancock Whitney Corp grew its stake in WK Kellogg by 34.9% in the second quarter. Hancock Whitney Corp now owns 37,490 shares of the company’s stock worth $617,000 after purchasing an additional 9,709 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its stake in WK Kellogg by 6.3% in the second quarter. Public Sector Pension Investment Board now owns 145,471 shares of the company’s stock worth $2,394,000 after purchasing an additional 8,647 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors.

WK Kellogg Stock Down 0.7 %

Shares of KLG stock opened at $15.80 on Friday. The stock’s fifty day moving average price is $18.54 and its 200 day moving average price is $17.66. WK Kellogg Co has a 1-year low of $12.32 and a 1-year high of $24.63. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 20.26 and a beta of 0.72. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.78 and a quick ratio of 0.34.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $689.00 million for the quarter, compared to analyst estimates of $674.10 million. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.49 earnings per share. On average, research analysts expect that WK Kellogg Co will post 1.49 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a $0.16 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.05%. WK Kellogg’s dividend payout ratio is currently 82.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. TD Cowen cut WK Kellogg from a “hold” rating to a “sell” rating and lowered their target price for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Barclays boosted 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. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, WK Kellogg presently has a consensus rating of “Reduce” and an average price target of $18.57.

Insider Transactions at WK Kellogg

In other news, Director G Zachary Gund bought 65,000 shares of WK Kellogg stock in a transaction that occurred on Thursday, November 14th. The stock was bought at an average price of $17.76 per share, for a total transaction of $1,154,400.00. Following the purchase, the director now directly owns 195,000 shares of the company’s stock, valued at approximately $3,463,200. The trade was a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.90% of the company’s stock.

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.