Wells Fargo & Company MN Cuts Stake in WK Kellogg Co (NYSE:KLG)

Wells Fargo & Company MN decreased its position in WK Kellogg Co (NYSE:KLG) by 2.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,750 shares of the company’s stock after selling 4,690 shares during the period. Wells Fargo & Company MN owned approximately 0.20% of WK Kellogg worth $3,108,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of KLG. Geode Capital Management LLC lifted its holdings in shares of WK Kellogg by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,514,592 shares of the company’s stock valued at $27,254,000 after purchasing an additional 6,879 shares in the last quarter. Rodgers Brothers Inc. boosted its stake in shares of WK Kellogg by 0.3% in the 4th quarter. Rodgers Brothers Inc. now owns 730,150 shares of the company’s stock worth $13,135,000 after buying an additional 2,215 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of WK Kellogg in the 4th quarter worth approximately $14,737,000. Summit Securities Group LLC bought a new position in WK Kellogg in the 4th quarter worth $70,000. Finally, Pictet Asset Management Holding SA purchased a new position in WK Kellogg during the fourth quarter valued at $194,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

WK Kellogg Trading Down 0.2 %

Shares of KLG stock opened at $18.57 on Thursday. The company has a market cap of $1.60 billion, a PE ratio of 22.93, a price-to-earnings-growth ratio of 2.01 and a beta of 0.39. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.74 and a quick ratio of 0.32. The stock’s 50 day simple moving average is $19.45 and its two-hundred day simple moving average is $18.41. WK Kellogg Co has a 1 year low of $15.17 and a 1 year high of $24.63.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, topping 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 predict that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.165 dividend. 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 3.55%. The ex-dividend date was Friday, February 28th. WK Kellogg’s dividend payout ratio is 81.48%.

Wall Street Analysts Forecast Growth

KLG has been the topic of several recent research reports. Stifel Nicolaus decreased their price objective on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, January 24th. Jefferies Financial Group decreased their target price on WK Kellogg from $19.00 to $16.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and dropped their price target for the stock from $18.00 to $16.00 in a research note on Wednesday, January 8th. Barclays cut their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, January 17th. Finally, Morgan Stanley started coverage on shares of WK Kellogg in a research note on Monday, March 24th. They issued an “underweight” rating and a $18.00 price target on the stock. Five research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, WK Kellogg currently has a consensus rating of “Reduce” and an average price target of $17.89.

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.