The Manufacturers Life Insurance Company Acquires 20,656 Shares of WK Kellogg Co (NYSE:KLG)

The Manufacturers Life Insurance Company lifted its position in WK Kellogg Co (NYSE:KLG) by 158.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,726 shares of the company’s stock after buying an additional 20,656 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in WK Kellogg were worth $555,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in shares of WK Kellogg by 579.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock worth $23,107,000 after purchasing an additional 1,197,133 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of WK Kellogg by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 904,699 shares of the company’s stock valued at $14,891,000 after purchasing an additional 77,262 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of WK Kellogg by 64.4% in the second quarter. Jupiter Asset Management Ltd. now owns 873,047 shares of the company’s stock worth $14,370,000 after acquiring an additional 341,939 shares during the last quarter. Rodgers Brothers Inc. grew its holdings in shares of WK Kellogg by 2,253.3% during the first quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company’s stock valued at $11,721,000 after buying an additional 596,975 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of WK Kellogg by 124.5% in the second quarter. Renaissance Technologies LLC now owns 538,600 shares of the company’s stock worth $8,865,000 after purchasing an additional 298,700 shares during the last quarter. Institutional investors own 95.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on KLG shares. Stifel Nicolaus cut their price objective on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped their target price 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. Bank of America downgraded WK Kellogg from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $24.00 to $17.00 in a report on Wednesday, July 10th. Finally, Barclays reduced 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 note on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, WK Kellogg currently has an average rating of “Hold” and a consensus target price of $18.50.

WK Kellogg Stock Performance

KLG opened at $17.50 on Wednesday. The stock has a market cap of $1.50 billion and a P/E ratio of 12.50. The firm has a fifty day moving average price of $17.46 and a 200 day moving average price of $18.58. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.83 and a quick ratio of 0.36. WK Kellogg Co has a 1 year low of $9.70 and a 1 year high of $24.63.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $671.50 million. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. Equities research analysts anticipate that WK Kellogg Co will post 1.5 earnings per share for the current year.

WK Kellogg Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.66%. WK Kellogg’s payout ratio is currently 45.71%.

WK Kellogg 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.