Zurcher Kantonalbank Zurich Cantonalbank Invests $163,000 in WK Kellogg Co (NYSE:KLG)

Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of WK Kellogg Co (NYSE:KLG) in the 4th quarter, Holdings Channel reports. The fund purchased 12,420 shares of the company’s stock, valued at approximately $163,000.

Other hedge funds also recently added to or reduced their stakes in the company. London & Capital Asset Management Ltd purchased a new position in shares of WK Kellogg in the fourth quarter worth $10,363,000. Inlet Private Wealth LLC purchased a new position in WK Kellogg in the 4th quarter worth about $4,038,000. Salem Investment Counselors Inc. bought a new position in WK Kellogg during the 4th quarter valued at about $2,319,000. Nordea Investment Management AB purchased a new stake in shares of WK Kellogg during the 4th quarter valued at about $2,119,000. Finally, Oak Thistle LLC bought a new stake in shares of WK Kellogg in the fourth quarter worth approximately $1,721,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on KLG shares. BNP Paribas downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 target price for the company. in a research report on Wednesday. Barclays upped their price objective on WK Kellogg from $12.00 to $15.00 and gave the company an “underweight” rating in a research report on Friday, April 12th. TD Cowen raised their target price on WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday. Stifel Nicolaus upped their price target on shares of WK Kellogg from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Evercore ISI raised their price objective on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, WK Kellogg has a consensus rating of “Hold” and an average price target of $16.55.

WK Kellogg Stock Performance

Shares of NYSE:KLG opened at $21.95 on Thursday. The firm’s 50 day simple moving average is $19.56 and its two-hundred day simple moving average is $14.94. The company has a quick ratio of 0.43, a current ratio of 0.84 and a debt-to-equity ratio of 1.62. WK Kellogg Co has a 1-year low of $9.65 and a 1-year high of $24.63.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.37. The business had revenue of $707.00 million during the quarter, compared to analysts’ expectations of $697.83 million. The company’s revenue was down .7% on a year-over-year basis. On average, research analysts anticipate that WK Kellogg Co will post 1.51 EPS for the current year.

WK Kellogg Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Friday, May 31st.

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.