Capital International Investors Acquires 2,510,779 Shares of WK Kellogg Co (NYSE:KLG)

Capital International Investors boosted its holdings in WK Kellogg Co (NYSE:KLG - Free Report) by 149.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,186,763 shares of the company's stock after purchasing an additional 2,510,779 shares during the period. Capital International Investors owned about 4.86% of WK Kellogg worth $75,320,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. HighTower Advisors LLC bought a new stake in WK Kellogg in the third quarter worth about $254,000. Stifel Financial Corp raised its holdings in shares of WK Kellogg by 107.3% in the 3rd quarter. Stifel Financial Corp now owns 28,409 shares of the company's stock worth $486,000 after purchasing an additional 14,705 shares during the period. Barclays PLC lifted its stake in WK Kellogg by 406.6% in the third quarter. Barclays PLC now owns 128,710 shares of the company's stock valued at $2,202,000 after purchasing an additional 103,301 shares during the last quarter. Geode Capital Management LLC grew its holdings in WK Kellogg by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,507,713 shares of the company's stock valued at $25,802,000 after purchasing an additional 38,939 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in WK Kellogg in the third quarter worth $515,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

WK Kellogg Price Performance

KLG traded down $0.66 on Friday, reaching $17.58. The company had a trading volume of 382,283 shares, compared to its average volume of 1,003,469. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74. WK Kellogg Co has a 52-week low of $15.17 and a 52-week high of $24.56. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 21.70, a P/E/G ratio of 2.01 and a beta of 0.39. The business has a 50 day simple moving average of $19.42 and a 200 day simple moving average of $18.42.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates 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, sell-side analysts anticipate that WK Kellogg Co will post 1.57 EPS for the current year.

WK Kellogg Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.165 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.66 annualized dividend and a dividend yield of 3.75%. This is an increase from WK Kellogg's previous quarterly dividend of $0.16. WK Kellogg's payout ratio is currently 81.48%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on KLG shares. Jefferies Financial Group cut their price target on WK Kellogg from $19.00 to $16.00 and set a "hold" rating for the company in a research note on Tuesday, January 28th. Barclays cut their target price on shares of WK Kellogg from $19.00 to $16.00 and set an "underweight" rating for the company in a research report on Friday, January 17th. TD Cowen lowered shares of WK Kellogg from a "hold" rating to a "sell" rating and lowered their price target for the company from $18.00 to $16.00 in a research report on Wednesday, January 8th. Morgan Stanley started coverage on WK Kellogg in a report on Monday, March 24th. They issued an "underweight" rating and a $18.00 price target for the company. Finally, Stifel Nicolaus decreased their price objective on WK Kellogg from $19.00 to $18.00 and set a "hold" rating on the stock in a research note on Friday, January 24th. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $17.89.

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.