Bank of New York Mellon Corp Sells 27,393 Shares of WK Kellogg Co. (NYSE:KLG)

Bank of New York Mellon Corp trimmed its holdings in WK Kellogg Co. (NYSE:KLG - Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,029,409 shares of the company's stock after selling 27,393 shares during the quarter. Bank of New York Mellon Corp owned about 1.19% of WK Kellogg worth $20,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. D.A. Davidson & CO. boosted its stake in WK Kellogg by 1.2% during the first quarter. D.A. Davidson & CO. now owns 124,473 shares of the company's stock valued at $2,481,000 after buying an additional 1,510 shares during the period. Principal Financial Group Inc. lifted its position in WK Kellogg by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 330,984 shares of the company's stock valued at $6,597,000 after acquiring an additional 7,398 shares in the last quarter. Money Concepts Capital Corp purchased a new stake in shares of WK Kellogg in the 1st quarter worth $214,000. Oppenheimer & Co. Inc. boosted its holdings in WK Kellogg by 110.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 26,994 shares of the company's stock worth $538,000 after buying an additional 14,175 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of WK Kellogg by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company's stock valued at $214,000 after purchasing an additional 733 shares during the last quarter. 95.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KLG has been the topic of several research reports. Morgan Stanley began coverage on shares of WK Kellogg in a report on Monday, March 24th. They set an "underweight" rating and a $18.00 price objective on the stock. Barclays restated an "underweight" rating and set a $23.00 price target (up previously from $16.00) on shares of WK Kellogg in a research report on Monday. Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. Evercore ISI raised their price objective on shares of WK Kellogg from $19.00 to $23.00 and gave the company an "in-line" rating in a report on Friday, July 11th. Finally, TD Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating and raised their price objective for the stock from $14.00 to $23.00 in a research report on Monday. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $20.13.

WK Kellogg Stock Performance

KLG opened at $23.54 on Friday. The business's 50-day moving average price is $17.41 and its two-hundred day moving average price is $18.00. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.78 and a quick ratio of 0.34. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 36.79 and a beta of 0.23. WK Kellogg Co. has a 1 year low of $14.80 and a 1 year high of $23.56.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.21). The company had revenue of $667.00 million during the quarter, compared to the consensus estimate of $677.91 million. WK Kellogg had a return on equity of 34.88% and a net margin of 2.14%. The firm's revenue was down 6.2% compared to the same quarter last year. During the same period last year, the company posted $0.37 EPS. Equities analysts expect that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

WK Kellogg Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Friday, May 30th. WK Kellogg's dividend payout ratio is currently 103.13%.

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.

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