Oppenheimer & Co. Inc. Decreases Stock Position in WK Kellogg Co (NYSE:KLG)

Oppenheimer & Co. Inc. lowered its position in shares of WK Kellogg Co (NYSE:KLG) by 19.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,819 shares of the company’s stock after selling 3,042 shares during the period. Oppenheimer & Co. Inc.’s holdings in WK Kellogg were worth $231,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Illinois Municipal Retirement Fund raised its holdings in WK Kellogg by 10.1% in the 4th quarter. Illinois Municipal Retirement Fund now owns 35,190 shares of the company’s stock worth $633,000 after purchasing an additional 3,222 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in WK Kellogg by 24.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,056,802 shares of the company’s stock worth $19,012,000 after purchasing an additional 206,320 shares in the last quarter. Transcendent Capital Group LLC grew its holdings in shares of WK Kellogg by 9,608.0% during the fourth quarter. Transcendent Capital Group LLC now owns 4,854 shares of the company’s stock valued at $87,000 after buying an additional 4,804 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in WK Kellogg during the 4th quarter valued at $2,267,000. Finally, Private Advisor Group LLC increased its holdings in WK Kellogg by 25.8% in the 4th quarter. Private Advisor Group LLC now owns 20,083 shares of the company’s stock worth $361,000 after buying an additional 4,125 shares in the last quarter. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. TD Cowen downgraded shares of WK Kellogg from a “hold” rating to a “sell” rating and cut their target price for the stock from $18.00 to $16.00 in a research report on Wednesday, January 8th. Stifel Nicolaus cut their price target on WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, January 24th. Barclays reduced their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, January 17th. Finally, Jefferies Financial Group cut their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.88.

WK Kellogg Stock Up 5.3 %

Shares of KLG opened at $20.07 on Monday. The business’s 50 day moving average is $17.70 and its 200 day moving average is $18.01. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45. WK Kellogg Co has a 12-month low of $14.37 and a 12-month high of $24.63. The company has a market capitalization of $1.73 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 2.01 and a beta of 0.30.

WK Kellogg (NYSE:KLG) last posted its earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. Research analysts expect that WK Kellogg Co will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.165 per share. The ex-dividend date is Friday, February 28th. This is a positive change from WK Kellogg’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 3.29%. WK Kellogg’s dividend payout ratio is presently 81.48%.

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.