Invesco Ltd. Sells 330,087 Shares of WK Kellogg Co. $KLG

Invesco Ltd. lowered its stake in shares of WK Kellogg Co. (NYSE:KLG) by 33.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 670,130 shares of the company’s stock after selling 330,087 shares during the period. Invesco Ltd. owned approximately 0.78% of WK Kellogg worth $13,356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in WK Kellogg by 5.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,308,331 shares of the company’s stock worth $26,075,000 after buying an additional 68,285 shares during the last quarter. Vanguard Group Inc. boosted its holdings in WK Kellogg by 4.6% during the first quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company’s stock worth $112,414,000 after buying an additional 245,555 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in WK Kellogg by 6.0% during the first quarter. PNC Financial Services Group Inc. now owns 11,939 shares of the company’s stock worth $238,000 after buying an additional 679 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in WK Kellogg by 17.8% during the first quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company’s stock worth $58,574,000 after buying an additional 444,120 shares during the last quarter. Finally, LSV Asset Management boosted its holdings in WK Kellogg by 280.5% during the first quarter. LSV Asset Management now owns 3,038,537 shares of the company’s stock worth $60,558,000 after buying an additional 2,239,966 shares during the last quarter. Institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Up 0.0%

NYSE:KLG opened at $22.9950 on Friday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.99. The company has a market cap of $1.99 billion, a PE ratio of 62.15 and a beta of 0.24. WK Kellogg Co. has a 52-week low of $14.80 and a 52-week high of $23.56. The stock has a 50-day simple moving average of $20.68 and a 200 day simple moving average of $19.15.

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

WK Kellogg Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a dividend of $0.165 per share. The ex-dividend date 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 (DPR) is presently 178.38%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. began coverage on WK Kellogg in a report on Wednesday. They set a “neutral” rating and a $23.00 target price on the stock. TD Cowen upgraded WK Kellogg from a “sell” rating to a “hold” rating and increased their price target for the stock from $14.00 to $23.00 in a report on Monday, July 14th. BNP Paribas set a $23.00 price target on WK Kellogg in a report on Friday, July 11th. Evercore ISI increased their price target on WK Kellogg from $19.00 to $23.00 and gave the stock an “in-line” rating in a report on Friday, July 11th. Finally, Barclays restated an “underweight” rating and issued a $23.00 price target (up from $16.00) on shares of WK Kellogg in a report on Monday, July 14th. Seven equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $20.88.

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.