WK Kellogg Co (NYSE:KLG) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its position in shares of WK Kellogg Co (NYSE:KLG) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,511 shares of the company’s stock after selling 968 shares during the period. Alliancebernstein L.P. owned approximately 0.08% of WK Kellogg worth $1,304,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Keybank National Association OH grew its stake in shares of WK Kellogg by 1.1% during the fourth quarter. Keybank National Association OH now owns 4,925,470 shares of the company’s stock valued at $88,609,000 after acquiring an additional 52,129 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in WK Kellogg by 172.9% during the 4th quarter. Jupiter Asset Management Ltd. now owns 2,494,881 shares of the company’s stock valued at $44,883,000 after purchasing an additional 1,580,704 shares in the last quarter. American Century Companies Inc. increased its holdings in WK Kellogg by 9.1% during the 4th quarter. American Century Companies Inc. now owns 1,516,717 shares of the company’s stock worth $27,286,000 after purchasing an additional 126,793 shares during the last quarter. Geode Capital Management LLC raised its position in shares of WK Kellogg by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,507,713 shares of the company’s stock valued at $25,802,000 after purchasing an additional 38,939 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of WK Kellogg by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,240,046 shares of the company’s stock valued at $22,308,000 after buying an additional 127,488 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on KLG shares. Stifel Nicolaus cut their price target on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, January 24th. TD Cowen cut shares of WK Kellogg from a “hold” rating to a “sell” rating and reduced their price target for the stock from $18.00 to $16.00 in a research report on Wednesday, January 8th. Jefferies Financial Group lowered their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Morgan Stanley began coverage on WK Kellogg in a report on Monday, March 24th. They set an “underweight” rating and a $18.00 target price on the stock. Finally, Barclays lowered their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Five equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg currently has a consensus rating of “Reduce” and an average price target of $17.89.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $19.52 on Friday. The stock has a market cap of $1.68 billion, a P/E ratio of 24.09, a P/E/G ratio of 2.01 and a beta of 0.39. The firm’s 50-day simple moving average is $19.44 and its 200 day simple moving average is $18.37. WK Kellogg Co has a fifty-two week low of $15.17 and a fifty-two week high of $24.63. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45.

WK Kellogg (NYSE:KLG) last announced 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 return on equity of 39.81% and a net margin of 2.66%. Equities analysts expect that WK Kellogg Co will post 1.57 EPS for the current year.

WK Kellogg Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 3.38%. This is a boost from WK Kellogg’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 28th. WK Kellogg’s 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.