Exchange Traded Concepts LLC Makes New Investment in WK Kellogg Co. (NYSE:KLG)

Exchange Traded Concepts LLC bought a new position in shares of WK Kellogg Co. (NYSE:KLG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 94,953 shares of the company's stock, valued at approximately $1,892,000. Exchange Traded Concepts LLC owned about 0.11% of WK Kellogg at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Halbert Hargrove Global Advisors LLC bought a new position in shares of WK Kellogg in the 4th quarter valued at $25,000. Ancora Advisors LLC lifted its stake in shares of WK Kellogg by 181.8% in the 4th quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock valued at $27,000 after acquiring an additional 980 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in WK Kellogg during the 4th quarter worth $36,000. Wealthfront Advisers LLC bought a new position in WK Kellogg during the 4th quarter worth $44,000. Finally, Curat Global LLC bought a new position in WK Kellogg during the 1st quarter worth $66,000. 95.74% of the stock is currently owned by institutional investors.

WK Kellogg Stock Down 0.3%

Shares of NYSE:KLG opened at $15.69 on Wednesday. The firm has a market cap of $1.35 billion, a P/E ratio of 24.51, a P/E/G ratio of 1.70 and a beta of 0.35. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.54. WK Kellogg Co. has a 12-month low of $14.80 and a 12-month high of $22.21. The business has a fifty day simple moving average of $17.47 and a 200 day simple moving average of $18.19.

WK Kellogg (NYSE:KLG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.21). WK Kellogg had a return on equity of 34.88% and a net margin of 2.14%. The business had revenue of $667.00 million for the quarter, compared to analyst estimates of $677.91 million. During the same quarter in the previous year, the business posted $0.37 earnings per share. The business's revenue was down 6.2% on a year-over-year basis. Analysts predict that WK Kellogg Co. will post 1.57 earnings per share for the current year.

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.66 dividend on an annualized basis and a yield of 4.21%. WK Kellogg's payout ratio is currently 103.13%.

Wall Street Analyst Weigh In

Separately, Morgan Stanley began coverage on WK Kellogg in a research report on Monday, March 24th. They set an "underweight" rating and a $18.00 target price for the company. Four investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat, WK Kellogg has a consensus rating of "Reduce" and a consensus price target of $16.86.

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.

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