Wealthfront Advisers LLC Makes New $44,000 Investment in WK Kellogg Co (NYSE:KLG)

Wealthfront Advisers LLC acquired a new position in shares of WK Kellogg Co (NYSE:KLG) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 2,426 shares of the company’s stock, valued at approximately $44,000.

Other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. raised its stake in WK Kellogg by 1,217.5% during the fourth quarter. Victory Capital Management Inc. now owns 233,997 shares of the company’s stock worth $4,210,000 after acquiring an additional 216,236 shares in the last quarter. Alberta Investment Management Corp acquired a new position in WK Kellogg during the fourth quarter worth $2,022,000. Royce & Associates LP raised its stake in WK Kellogg by 199.8% during the third quarter. Royce & Associates LP now owns 71,987 shares of the company’s stock worth $1,232,000 after acquiring an additional 47,973 shares in the last quarter. Barclays PLC raised its stake in WK Kellogg by 406.6% during the third quarter. Barclays PLC now owns 128,710 shares of the company’s stock worth $2,202,000 after acquiring an additional 103,301 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in WK Kellogg by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company’s stock worth $19,036,000 after acquiring an additional 79,808 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Price Performance

WK Kellogg stock opened at $20.04 on Wednesday. The business’s 50-day simple moving average is $18.07 and its 200 day simple moving average is $18.15. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 24.74, a P/E/G ratio of 2.01 and a beta of 0.30. WK Kellogg Co has a 12-month low of $15.17 and a 12-month high of $24.63. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. As a group, research analysts anticipate that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.66 dividend on an annualized basis and a yield of 3.29%. This is a boost from WK Kellogg’s previous quarterly dividend of $0.16. WK Kellogg’s dividend payout ratio (DPR) is 81.48%.

Analysts Set New Price Targets

KLG has been the topic of several research analyst reports. Barclays decreased their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, January 17th. TD Cowen cut WK Kellogg from a “hold” rating to a “sell” rating and decreased their target price for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Stifel Nicolaus decreased their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, January 24th. Finally, Jefferies Financial Group decreased their target price on WK Kellogg from $19.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.88.

About WK Kellogg

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.