PNC Financial Services Group Inc. Purchases 679 Shares of WK Kellogg Co. (NYSE:KLG)

PNC Financial Services Group Inc. grew its position in shares of WK Kellogg Co. (NYSE:KLG) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,939 shares of the company’s stock after purchasing an additional 679 shares during the quarter. PNC Financial Services Group Inc.’s holdings in WK Kellogg were worth $238,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in KLG. Capital International Investors raised its holdings in WK Kellogg by 149.8% during the 4th quarter. Capital International Investors now owns 4,186,763 shares of the company’s stock worth $75,320,000 after purchasing an additional 2,510,779 shares during the last quarter. LSV Asset Management increased its stake in shares of WK Kellogg by 280.5% in the 1st quarter. LSV Asset Management now owns 3,038,537 shares of the company’s stock valued at $60,558,000 after acquiring an additional 2,239,966 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of WK Kellogg in the 4th quarter valued at $14,737,000. Jupiter Asset Management Ltd. increased its stake in shares of WK Kellogg by 17.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company’s stock valued at $58,574,000 after acquiring an additional 444,120 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of WK Kellogg by 254.0% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 392,461 shares of the company’s stock valued at $7,822,000 after acquiring an additional 281,600 shares in the last quarter. Institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Performance

Shares of KLG stock opened at $23.04 on Friday. The firm has a market capitalization of $1.99 billion, a PE ratio of 62.27 and a beta of 0.24. The firm has a fifty day simple moving average of $19.96 and a two-hundred day simple moving average of $18.95. The company has a current ratio of 0.99, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. WK Kellogg Co. has a 12 month low of $14.80 and a 12 month high of $23.56.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The business had revenue of $611.52 million for the quarter, compared to the consensus estimate of $653.36 million. WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 EPS. Analysts forecast that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. WK Kellogg’s payout ratio is currently 178.38%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on KLG. Barclays reiterated an “underweight” rating and issued a $23.00 price objective (up previously from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. BNP Paribas set a $23.00 price objective on shares of WK Kellogg in a research note on Friday, July 11th. Cowen upgraded shares of WK Kellogg from a “sell” rating to a “hold” rating in a research note on Friday, July 11th. TD Cowen upgraded shares of WK Kellogg from a “sell” rating to a “hold” rating and lifted their price objective for the company from $14.00 to $23.00 in a research note on Monday, July 14th. Finally, Evercore ISI lifted their price objective on shares of WK Kellogg from $19.00 to $23.00 and gave the company an “in-line” rating in a research note on Friday, July 11th. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $20.57.

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.