Kornitzer Capital Management Inc. KS Invests $670,000 in WK Kellogg Co (NYSE:KLG)

Kornitzer Capital Management Inc. KS bought a new stake in WK Kellogg Co (NYSE:KLG) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 50,985 shares of the company’s stock, valued at approximately $670,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lincoln Capital Corp acquired a new stake in WK Kellogg in the 4th quarter valued at approximately $1,026,000. Nordea Investment Management AB acquired a new stake in WK Kellogg in the 4th quarter valued at approximately $2,119,000. Inlet Private Wealth LLC acquired a new stake in WK Kellogg in the 4th quarter valued at approximately $4,038,000. Oak Thistle LLC acquired a new stake in WK Kellogg in the 4th quarter valued at approximately $1,721,000. Finally, London & Capital Asset Management Ltd acquired a new stake in WK Kellogg in the 4th quarter valued at approximately $10,363,000. Institutional investors and hedge funds own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on KLG. Barclays boosted their price target on WK Kellogg from $12.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, April 12th. Stifel Nicolaus boosted their price target on WK Kellogg from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Two analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.75.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $21.22 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.62. WK Kellogg Co has a 12 month low of $9.65 and a 12 month high of $22.08. The stock has a 50 day moving average of $17.22 and a 200-day moving average of $13.76.

WK Kellogg (NYSE:KLG) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.03). The company had revenue of $651.00 million during the quarter, compared to analyst estimates of $645.87 million. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities analysts expect that WK Kellogg Co will post 1.51 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.64 annualized dividend and a yield of 3.02%.

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.