Algert Global LLC Takes $1.27 Million Position in WK Kellogg Co (NYSE:KLG)

Algert Global LLC acquired a new stake in WK Kellogg Co (NYSE:KLG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 77,287 shares of the company’s stock, valued at approximately $1,272,000. Algert Global LLC owned 0.09% of WK Kellogg at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal London Asset Management Ltd. acquired a new stake in WK Kellogg during the 4th quarter valued at approximately $695,000. Rip Road Capital Partners LP acquired a new stake in WK Kellogg during the 4th quarter valued at approximately $3,999,000. Caas Capital Management LP acquired a new stake in WK Kellogg during the 4th quarter valued at approximately $2,986,000. Gabelli Funds LLC acquired a new stake in WK Kellogg during the 4th quarter valued at approximately $651,000. Finally, Alaska Permanent Fund Corp increased its position in WK Kellogg by 120.8% during the 1st quarter. Alaska Permanent Fund Corp now owns 128,361 shares of the company’s stock valued at $2,413,000 after purchasing an additional 70,229 shares during the period. Institutional investors and hedge funds own 95.74% of the company’s stock.

Wall Street Analysts Forecast Growth

KLG has been the subject of a number of recent analyst reports. Barclays decreased their target price 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, July 19th. JPMorgan Chase & Co. cut their price target on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus cut their target price on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Finally, Bank of America cut WK Kellogg from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $24.00 to $17.00 in a report on Wednesday, July 10th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.50.

WK Kellogg Price Performance

Shares of NYSE:KLG opened at $16.85 on Friday. WK Kellogg Co has a 1-year low of $9.65 and a 1-year high of $24.63. The stock has a market cap of $1.45 billion and a PE ratio of 11.16. The stock’s fifty day simple moving average is $17.43 and its two-hundred day simple moving average is $18.62. The company has a current ratio of 0.83, a quick ratio of 0.36 and a debt-to-equity ratio of 1.42.

WK Kellogg (NYSE:KLG) last announced its earnings results on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. The business had revenue of $672.00 million for the quarter, compared to analysts’ expectations of $671.50 million. The firm’s revenue was down 4.0% on a year-over-year basis. As a group, analysts forecast that WK Kellogg Co will post 1.5 EPS for the current fiscal year.

WK Kellogg Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.80%. The ex-dividend date was Thursday, August 29th. WK Kellogg’s dividend payout ratio is presently 42.38%.

About WK Kellogg

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.