Janney Montgomery Scott LLC Sells 2,885 Shares of WK Kellogg Co. $KLG

Janney Montgomery Scott LLC reduced its stake in shares of WK Kellogg Co. (NYSE:KLG) by 17.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,215 shares of the company’s stock after selling 2,885 shares during the period. Janney Montgomery Scott LLC’s holdings in WK Kellogg were worth $211,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in WK Kellogg by 2.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,224 shares of the company’s stock worth $443,000 after acquiring an additional 613 shares during the period. PNC Financial Services Group Inc. grew its holdings in WK Kellogg by 6.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,939 shares of the company’s stock worth $238,000 after acquiring an additional 679 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in WK Kellogg by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company’s stock worth $214,000 after acquiring an additional 733 shares during the period. D.A. Davidson & CO. grew its holdings in WK Kellogg by 1.2% during the 1st quarter. D.A. Davidson & CO. now owns 124,473 shares of the company’s stock worth $2,481,000 after acquiring an additional 1,510 shares during the period. Finally, Sowell Financial Services LLC grew its holdings in WK Kellogg by 12.7% during the 2nd quarter. Sowell Financial Services LLC now owns 14,222 shares of the company’s stock worth $227,000 after acquiring an additional 1,601 shares during the period. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $23.00 on Wednesday. WK Kellogg Co. has a fifty-two week low of $14.80 and a fifty-two week high of $23.56. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 62.16 and a beta of 0.24. 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 firm’s 50-day simple moving average is $22.99 and its 200 day simple moving average is $20.25.

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

WK Kellogg Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 29th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.66 annualized dividend and a dividend yield of 2.9%. WK Kellogg’s dividend payout ratio (DPR) is currently 178.38%.

Analyst Ratings Changes

Several analysts have recently commented on KLG shares. JPMorgan Chase & Co. started coverage on WK Kellogg in a research note on Wednesday, August 20th. They issued a “neutral” rating and a $23.00 target price for the company. BNP Paribas set a $23.00 target price on WK Kellogg in a research note on Friday, July 11th. Barclays restated an “underweight” rating and issued a $23.00 target price (up from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Wall Street Zen upgraded WK Kellogg from a “sell” rating to a “hold” rating in a research note on Sunday, July 13th. Finally, TD Cowen upgraded WK Kellogg from a “sell” rating to a “hold” rating and raised their target price for the company from $14.00 to $23.00 in a research note on Monday, July 14th. Nine investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, WK Kellogg currently has an average rating of “Reduce” and a consensus target price of $20.88.

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.