Invesco Ltd. Sells 330,087 Shares of WK Kellogg Co. $KLG

Key Points

• Invesco Ltd. reduced its stake in WK Kellogg Co. by 33.0%, selling 330,087 shares and retaining approximately 0.78% ownership of the company.
• WK Kellogg reported Q2 earnings of $0.25 per share, missing estimates by $0.03, with a revenue decline of 8.8% year-over-year.
• Several institutional investors increased their holdings in WK Kellogg, with LSV Asset Management boosting its stake by an impressive 280.5% during the first quarter.

Invesco Ltd. lessened its holdings in WK Kellogg Co. (NYSE:KLG - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 670,130 shares of the company's stock after selling 330,087 shares during the period. Invesco Ltd. owned about 0.78% of WK Kellogg worth $13,356,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of KLG. LSV Asset Management boosted its position in shares of WK Kellogg by 280.5% in the first quarter. LSV Asset Management now owns 3,038,537 shares of the company's stock worth $60,558,000 after buying an additional 2,239,966 shares during the period. Wellington Management Group LLP purchased a new stake in shares of WK Kellogg during the fourth quarter worth $14,737,000. Jupiter Asset Management Ltd. raised its holdings in shares of WK Kellogg by 17.8% during the first quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company's stock worth $58,574,000 after acquiring an additional 444,120 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of WK Kellogg by 254.0% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 392,461 shares of the company's stock worth $7,822,000 after acquiring an additional 281,600 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of WK Kellogg by 4.6% during the first quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company's stock worth $112,414,000 after acquiring an additional 245,555 shares in the last quarter. Institutional investors and hedge funds own 95.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on KLG shares. Barclays reiterated an "underweight" rating and set a $23.00 price objective (up from $16.00) on shares of WK Kellogg in a report on Monday, July 14th. Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday, July 11th. BNP Paribas set a $23.00 price objective on WK Kellogg in a report on Friday, July 11th. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. Finally, JPMorgan Chase & Co. assumed coverage on WK Kellogg in a report on Wednesday, August 20th. They set a "neutral" rating and a $23.00 target price on the stock. Seven investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $20.88.

WK Kellogg Stock Performance

Shares of WK Kellogg stock traded up $0.01 during trading on Thursday, reaching $23.03. The company's stock had a trading volume of 546,550 shares, compared to its average volume of 837,796. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.99. The business's fifty day moving average price is $21.27 and its 200-day moving average price is $19.34. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 62.24 and a beta of 0.24. WK Kellogg Co. has a one year low of $14.80 and a one year high of $23.56.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.03). The business had revenue of $611.52 million during the quarter, compared to the consensus estimate of $653.36 million. WK Kellogg had a return on equity of 31.34% and a net margin of 1.31%.The company's revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 earnings per share. As a group, equities research analysts predict that WK Kellogg Co. will post 1.57 earnings per share for the current year.

WK Kellogg Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, August 29th. WK Kellogg's dividend payout ratio is currently 178.38%.

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.