Bank of New York Mellon Corp Acquires 206,320 Shares of WK Kellogg Co (NYSE:KLG)

Bank of New York Mellon Corp increased its position in shares of WK Kellogg Co (NYSE:KLG) by 24.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,056,802 shares of the company’s stock after purchasing an additional 206,320 shares during the quarter. Bank of New York Mellon Corp owned 1.23% of WK Kellogg worth $19,012,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Captrust Financial Advisors lifted its position 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 purchasing an additional 1,504,239 shares during the period. Geode Capital Management LLC lifted its position in WK Kellogg by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,507,713 shares of the company’s stock worth $25,802,000 after purchasing an additional 38,939 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in WK Kellogg by 31.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,124,503 shares of the company’s stock worth $19,240,000 after purchasing an additional 266,877 shares during the period. 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 worth $19,036,000 after purchasing an additional 79,808 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in WK Kellogg by 72.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 542,570 shares of the company’s stock worth $9,283,000 after purchasing an additional 227,730 shares during the period. Institutional investors own 95.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on KLG shares. Barclays cut their price objective on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, January 17th. Jefferies Financial Group dropped their target price on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. TD Cowen cut shares of WK Kellogg from a “hold” rating to a “sell” rating and dropped their target price for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Finally, Stifel Nicolaus dropped their target price on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, January 24th. Four equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, WK Kellogg currently has an average rating of “Hold” and an average price target of $17.88.

WK Kellogg Stock Performance

WK Kellogg stock opened at $21.95 on Tuesday. The business has a 50 day moving average of $17.79 and a 200-day moving average of $18.04. WK Kellogg Co has a 1 year low of $14.39 and a 1 year high of $24.63. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.74 and a quick ratio of 0.32. The company has a market capitalization of $1.89 billion, a P/E ratio of 27.09, a P/E/G ratio of 2.01 and a beta of 0.30.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Tuesday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. On average, equities research analysts predict that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Friday, February 28th. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16. WK Kellogg’s dividend payout ratio is currently 81.48%.

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.