State of Alaska Department of Revenue Buys 2,787 Shares of WK Kellogg Co. $KLG

State of Alaska Department of Revenue lifted its stake in WK Kellogg Co. (NYSE:KLG) by 7.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,522 shares of the company’s stock after buying an additional 2,787 shares during the quarter. State of Alaska Department of Revenue’s holdings in WK Kellogg were worth $629,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. A&I Financial Services LLC raised its stake in shares of WK Kellogg by 7.1% in the second quarter. A&I Financial Services LLC now owns 36,293 shares of the company’s stock worth $579,000 after buying an additional 2,409 shares during the period. Sowell Financial Services LLC raised its stake in shares of WK Kellogg by 12.7% in the second quarter. Sowell Financial Services LLC now owns 14,222 shares of the company’s stock worth $227,000 after buying an additional 1,601 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of WK Kellogg by 4.3% in the second quarter. Exchange Traded Concepts LLC now owns 99,020 shares of the company’s stock worth $1,578,000 after buying an additional 4,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of WK Kellogg by 5.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 145,640 shares of the company’s stock worth $2,903,000 after buying an additional 7,830 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in shares of WK Kellogg by 150.3% in the first quarter. Jones Financial Companies Lllp now owns 19,559 shares of the company’s stock worth $390,000 after buying an additional 11,746 shares during the period. Institutional investors own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

KLG has been the topic of several recent analyst reports. Cowen raised WK Kellogg from a “sell” rating to a “hold” rating in a research note on Friday, July 11th. JPMorgan Chase & Co. initiated coverage on WK Kellogg in a research note on Wednesday, August 20th. They set a “neutral” rating and a $23.00 target price on the stock. Evercore ISI lifted their target price on WK Kellogg from $19.00 to $23.00 and gave the company an “in-line” rating in a research note on Friday, July 11th. Wall Street Zen raised WK Kellogg from a “sell” rating to a “hold” rating in a research note on Sunday, July 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of WK Kellogg in a research note on Saturday, September 27th. Nine analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $20.88.

WK Kellogg Stock Performance

NYSE:KLG opened at $23.00 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. WK Kellogg Co. has a 1 year low of $14.80 and a 1 year high of $23.56. The stock’s 50 day simple moving average is $23.01 and its two-hundred day simple moving average is $20.00. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 62.16 and a beta of 0.24.

WK Kellogg (NYSE:KLG) last released 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). WK Kellogg had a return on equity of 31.34% and a net margin of 1.31%.The firm had revenue of $611.52 million during the quarter, compared to the consensus estimate of $653.36 million. During the same period in the previous year, the firm earned $0.36 EPS. The business’s revenue was down 8.8% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 29th were paid a $0.165 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.66 dividend on an annualized basis and a yield of 2.9%. WK Kellogg’s 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.