Russell Investments Group Ltd. Trims Stock Position in WK Kellogg Co. $KLG

Russell Investments Group Ltd. lessened its position in shares of WK Kellogg Co. (NYSE:KLG) by 27.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 74,052 shares of the company’s stock after selling 28,245 shares during the quarter. Russell Investments Group Ltd. owned about 0.09% of WK Kellogg worth $1,476,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KLG. Ancora Advisors LLC raised its position in WK Kellogg by 181.8% in the fourth quarter. Ancora Advisors LLC now owns 1,519 shares of the company’s stock valued at $27,000 after purchasing an additional 980 shares during the period. Curat Global LLC purchased a new stake in WK Kellogg in the first quarter valued at approximately $66,000. Whittier Trust Co. of Nevada Inc. raised its position in WK Kellogg by 1,030.8% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company’s stock valued at $73,000 after purchasing an additional 3,350 shares during the period. Tower Research Capital LLC TRC raised its position in WK Kellogg by 122.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,981 shares of the company’s stock valued at $144,000 after purchasing an additional 4,393 shares during the period. Finally, Western Wealth Management LLC purchased a new stake in WK Kellogg in the fourth quarter valued at approximately $198,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Performance

NYSE:KLG opened at $23.04 on Thursday. The company has a fifty day simple moving average of $21.12 and a two-hundred day simple moving average of $19.29. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 62.26 and a beta of 0.24. The company has a quick ratio of 0.47, a current ratio of 0.99 and a debt-to-equity ratio of 1.97. WK Kellogg Co. has a 52 week low of $14.80 and a 52 week high of $23.56.

WK Kellogg (NYSE:KLG) last issued its 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 firm had revenue of $611.52 million for the quarter, compared to analyst estimates of $653.36 million. WK Kellogg had a return on equity of 31.34% and a net margin of 1.31%.The business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. As a group, equities analysts anticipate that WK Kellogg Co. will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be paid 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 payout ratio is presently 178.38%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Evercore ISI boosted their target price on WK Kellogg from $19.00 to $23.00 and gave the company an “in-line” rating in a research report on Friday, July 11th. Cowen raised WK Kellogg from a “sell” rating to a “hold” rating in a research report on Friday, July 11th. Wall Street Zen upgraded shares of WK Kellogg from a “sell” rating to a “hold” rating in a research note on Sunday, July 13th. BNP Paribas set a $23.00 price target on shares of WK Kellogg in a research note on Friday, July 11th. Finally, Barclays restated an “underweight” rating and issued a $23.00 price target (up previously from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Seven analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target 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.