Deutsche Bank AG Lowers Holdings in WK Kellogg Co. $KLG

Key Points

• Deutsche Bank AG has reduced its stake in WK Kellogg Co. by 17.8%, now owning approximately 140,893 shares worth $2.8 million after selling 30,534 shares.
• WK Kellogg's recent earnings report showed an EPS of $0.25, missing analyst expectations and marking an 8.8% decline in revenue year-over-year.
• Analysts have mixed ratings on WK Kellogg, with a consensus recommendation of "Reduce" and a target price of $20.57, indicating cautious sentiment among equity research firms.

Deutsche Bank AG lessened its position in shares of WK Kellogg Co. (NYSE:KLG - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,893 shares of the company's stock after selling 30,534 shares during the quarter. Deutsche Bank AG owned about 0.16% of WK Kellogg worth $2,808,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in WK Kellogg by 5.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,308,331 shares of the company's stock valued at $26,075,000 after buying an additional 68,285 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of WK Kellogg by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company's stock worth $112,414,000 after purchasing an additional 245,555 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of WK Kellogg by 6.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,939 shares of the company's stock worth $238,000 after purchasing an additional 679 shares during the period. Jupiter Asset Management Ltd. boosted its holdings in shares of WK Kellogg by 17.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company's stock worth $58,574,000 after purchasing an additional 444,120 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of WK Kellogg by 280.5% in the 1st quarter. LSV Asset Management now owns 3,038,537 shares of the company's stock worth $60,558,000 after purchasing an additional 2,239,966 shares during the period. Hedge funds and other institutional investors own 95.74% of the company's stock.

Analysts Set New Price Targets

KLG has been the subject of a number of recent research reports. TD Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating and lifted their target price for the stock from $14.00 to $23.00 in a report on Monday, July 14th. Evercore ISI lifted their target price on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a report on Friday, July 11th. Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday, July 11th. JPMorgan Chase & Co. initiated coverage on WK Kellogg in a report on Wednesday, August 20th. They issued a "neutral" rating and a $23.00 target price for the company. Finally, BNP Paribas set a $23.00 target price on WK Kellogg in a report on Friday, July 11th. Seven equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, WK Kellogg presently has an average rating of "Reduce" and an average price target of $20.88.

WK Kellogg Trading Up 0.0%

KLG traded up $0.01 during trading hours on Monday, reaching $22.98. 1,011,183 shares of the company's stock traded hands, compared to its average volume of 820,180. The firm has a 50-day moving average price of $20.83 and a 200 day moving average price of $19.24. WK Kellogg Co. has a 52-week low of $14.80 and a 52-week high of $23.56. The company has a quick ratio of 0.47, a current ratio of 0.99 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $1.99 billion, a PE ratio of 62.11 and a beta of 0.24.

WK Kellogg (NYSE:KLG - Get Free Report) last posted 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 net margin of 1.31% and a return on equity of 31.34%. The business had revenue of $611.52 million for the quarter, compared to analysts' expectations of $653.36 million. During the same quarter in the previous year, the firm earned $0.36 EPS. WK Kellogg's revenue was down 8.8% compared to the same quarter last year. As a group, sell-side analysts predict that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

WK Kellogg Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a dividend of $0.165 per share. The ex-dividend date is 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%.

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.