Rhumbline Advisers Boosts Stake in WK Kellogg Co (NYSE:KLG)

Rhumbline Advisers grew its position in WK Kellogg Co (NYSE:KLG) by 13.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,148 shares of the company’s stock after buying an additional 23,445 shares during the quarter. Rhumbline Advisers owned 0.23% of WK Kellogg worth $3,212,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of KLG. Swiss National Bank acquired a new stake in shares of WK Kellogg in the fourth quarter valued at $1,884,000. Amalgamated Bank acquired a new position in WK Kellogg during the 4th quarter worth $326,000. Charles Schwab Investment Management Inc. acquired a new position in WK Kellogg during the 4th quarter worth $6,159,000. Jump Financial LLC acquired a new position in WK Kellogg during the 4th quarter worth $249,000. Finally, Principal Financial Group Inc. acquired a new position in WK Kellogg during the 4th quarter worth $4,461,000. 95.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on KLG shares. Bank of America cut WK Kellogg from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $24.00 to $17.00 in a research note on Wednesday, July 10th. Stifel Nicolaus lowered their target price on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Barclays lowered their price objective on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, July 19th. Finally, JPMorgan Chase & Co. lowered their price objective on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, WK Kellogg has an average rating of “Hold” and a consensus price target of $17.40.

WK Kellogg Price Performance

KLG stock opened at $18.17 on Wednesday. WK Kellogg Co has a 52-week low of $9.65 and a 52-week high of $24.63. The stock’s fifty day simple moving average is $17.14 and its 200-day simple moving average is $18.47. The company has a quick ratio of 0.36, a current ratio of 0.83 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $1.56 billion and a price-to-earnings ratio of 12.03.

WK Kellogg (NYSE:KLG) last issued its earnings results 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). WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The firm had revenue of $672.00 million during the quarter, compared to analysts’ expectations of $671.50 million. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. Equities research analysts expect that WK Kellogg Co will post 1.5 EPS for the current year.

WK Kellogg Announces Dividend

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

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.