Deutsche Bank AG Cuts Stock Position in WK Kellogg Co. $KLG

Deutsche Bank AG lowered its position in WK Kellogg Co. (NYSE:KLG) by 17.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 140,893 shares of the company’s stock after selling 30,534 shares during the period. Deutsche Bank AG owned approximately 0.16% of WK Kellogg worth $2,808,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of KLG. LPL Financial LLC grew its position in shares of WK Kellogg by 33.3% in the 4th quarter. LPL Financial LLC now owns 39,709 shares of the company’s stock worth $714,000 after buying an additional 9,921 shares during the last quarter. Envestnet Asset Management Inc. grew its position in WK Kellogg by 22.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 15,185 shares of the company’s stock worth $273,000 after purchasing an additional 2,766 shares during the last quarter. Bank of Montreal Can grew its position in WK Kellogg by 12.0% during the 4th quarter. Bank of Montreal Can now owns 27,898 shares of the company’s stock worth $502,000 after purchasing an additional 2,994 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in WK Kellogg during the 4th quarter worth approximately $754,000. Finally, XTX Topco Ltd purchased a new stake in WK Kellogg during the 4th quarter worth approximately $416,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on KLG. Barclays reissued an “underweight” rating and set a $23.00 target price (up previously from $16.00) on shares of WK Kellogg in a research report on Monday, July 14th. TD Cowen raised shares of WK Kellogg from a “sell” rating to a “hold” rating and boosted their target price for the stock from $14.00 to $23.00 in a research report on Monday, July 14th. Evercore ISI boosted their target price on shares of WK Kellogg from $19.00 to $23.00 and gave the stock an “in-line” rating in a research report 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. Finally, Wall Street Zen upgraded shares of WK Kellogg from a “sell” rating to a “hold” rating in a research note on Sunday, July 13th. Six research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $20.57.

WK Kellogg Stock Performance

KLG opened at $22.9750 on Wednesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.99 and a quick ratio of 0.47. The firm has a fifty day moving average price of $20.24 and a 200 day moving average price of $19.03. WK Kellogg Co. has a 1 year low of $14.80 and a 1 year high of $23.56. The stock has a market cap of $1.99 billion, a P/E ratio of 62.09 and a beta of 0.24.

WK Kellogg (NYSE:KLG) last posted its earnings results on Thursday, August 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). The firm had revenue of $611.52 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that WK Kellogg Co. will post 1.57 earnings per share for the current year.

WK Kellogg Dividend Announcement

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

WK Kellogg 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.