The Manufacturers Life Insurance Company Sells 722 Shares of WK Kellogg Co (NYSE:KLG)

The Manufacturers Life Insurance Company lessened its stake in WK Kellogg Co (NYSE:KLG) by 2.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,004 shares of the company’s stock after selling 722 shares during the period. The Manufacturers Life Insurance Company’s holdings in WK Kellogg were worth $565,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake 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 buying an additional 79,808 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new stake in WK Kellogg during the 3rd quarter worth about $1,507,000. Intech Investment Management LLC bought a new position in shares of WK Kellogg in the 3rd quarter worth about $997,000. Royce & Associates LP lifted its stake in shares of WK Kellogg by 199.8% in the 3rd quarter. Royce & Associates LP now owns 71,987 shares of the company’s stock valued at $1,232,000 after purchasing an additional 47,973 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of WK Kellogg by 32.6% during the 3rd quarter. Victory Capital Management Inc. now owns 17,761 shares of the company’s stock valued at $304,000 after purchasing an additional 4,369 shares in the last quarter. Institutional investors and hedge funds own 95.74% of the company’s stock.

WK Kellogg Stock Down 0.0 %

KLG stock opened at $20.78 on Friday. The stock’s 50 day simple moving average is $18.45 and its 200 day simple moving average is $17.73. The company has a market cap of $1.79 billion, a P/E ratio of 26.64 and a beta of 0.07. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78. WK Kellogg Co has a fifty-two week low of $11.95 and a fifty-two week high of $24.63.

WK Kellogg (NYSE:KLG) last issued its 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. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company had revenue of $689.00 million for the quarter, compared to analyst estimates of $674.10 million. During the same period in the prior year, the firm earned $0.49 earnings per share. WK Kellogg’s revenue for the quarter was down .4% on a year-over-year basis. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, November 29th. WK Kellogg’s dividend payout ratio is currently 82.05%.

Insider Transactions at WK Kellogg

In related news, Director G Zachary Gund purchased 65,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was acquired at an average price of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the acquisition, the director now owns 195,000 shares of the company’s stock, valued at $3,463,200. This represents a 50.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Barclays lifted their target price on WK Kellogg from $16.00 to $19.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, WK Kellogg has an average rating of “Hold” and an average target price of $19.71.

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.