The Manufacturers Life Insurance Company Reduces Stock Holdings in WK Kellogg Co (NYSE:KLG)

The Manufacturers Life Insurance Company cut its position in shares of WK Kellogg Co (NYSE:KLG) by 3.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,731 shares of the company’s stock after selling 1,273 shares during the period. The Manufacturers Life Insurance Company’s holdings in WK Kellogg were worth $571,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Keybank National Association OH raised its position in shares of WK Kellogg by 1.1% in the fourth quarter. Keybank National Association OH now owns 4,925,470 shares of the company’s stock valued at $88,609,000 after buying an additional 52,129 shares during the last quarter. Capital International Investors raised its position in shares of WK Kellogg by 149.8% in the fourth quarter. Capital International Investors now owns 4,186,763 shares of the company’s stock valued at $75,320,000 after buying an additional 2,510,779 shares during the last quarter. Jupiter Asset Management Ltd. raised its position in shares of WK Kellogg by 172.9% in the fourth quarter. Jupiter Asset Management Ltd. now owns 2,494,881 shares of the company’s stock valued at $44,883,000 after buying an additional 1,580,704 shares during the last quarter. American Century Companies Inc. raised its position in shares of WK Kellogg by 9.1% in the fourth quarter. American Century Companies Inc. now owns 1,516,717 shares of the company’s stock valued at $27,286,000 after buying an additional 126,793 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of WK Kellogg by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,514,592 shares of the company’s stock valued at $27,254,000 after buying an additional 6,879 shares during the last quarter. 95.74% of the stock is owned by hedge funds and other institutional investors.

WK Kellogg Trading Up 1.7%

Shares of KLG stock opened at $18.26 on Friday. 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 firm has a market cap of $1.57 billion, a PE ratio of 22.54, a price-to-earnings-growth ratio of 2.01 and a beta of 0.54. The company has a 50-day moving average of $18.70 and a two-hundred day moving average of $18.45. WK Kellogg Co has a 1-year low of $14.80 and a 1-year high of $22.21.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.21). WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. The business had revenue of $667.00 million during the quarter, compared to analysts’ expectations of $677.91 million. During the same period in the previous year, the business posted $0.37 EPS. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, analysts predict that WK Kellogg Co will post 1.57 EPS for the current year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.66 dividend on an annualized basis and a yield of 3.62%. WK Kellogg’s dividend payout ratio is currently 103.13%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on KLG shares. Morgan Stanley started coverage on shares of WK Kellogg in a research report on Monday, March 24th. They set an “underweight” rating and a $18.00 price objective for the company. Stifel Nicolaus lowered their target price on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group lowered their target price on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. Finally, Barclays lowered 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. Four analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $16.86.

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.