Jupiter Asset Management Ltd. Purchases 444,120 Shares of WK Kellogg Co. (NYSE:KLG)

Key Points

• Jupiter Asset Management Ltd. increased its stake in WK Kellogg Co. by 17.8%, owning 2,939,001 shares after acquiring an additional 444,120 shares, representing a total value of approximately $58.57 million.
• WK Kellogg reported earnings of $0.20 EPS for the latest quarter, falling short of the expected $0.41 EPS, with revenue down 6.2% year-over-year.
• The company has recently announced a quarterly dividend of $0.165 per share, resulting in an annualized dividend yield of 2.9%, even though its current payout ratio is at 103.13%.

Jupiter Asset Management Ltd. grew its stake in WK Kellogg Co. (NYSE:KLG - Free Report) by 17.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,939,001 shares of the company's stock after acquiring an additional 444,120 shares during the quarter. Jupiter Asset Management Ltd. owned 3.41% of WK Kellogg worth $58,574,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in shares of WK Kellogg in the fourth quarter worth $754,000. KLP Kapitalforvaltning AS purchased a new stake in WK Kellogg in the fourth quarter worth about $227,000. LPL Financial LLC increased its position in WK Kellogg by 33.3% in the fourth quarter. LPL Financial LLC now owns 39,709 shares of the company's stock worth $714,000 after buying an additional 9,921 shares in the last quarter. Pictet Asset Management Holding SA purchased a new stake in WK Kellogg in the fourth quarter worth about $194,000. Finally, Wellington Management Group LLP purchased a new stake in WK Kellogg in the fourth quarter worth about $14,737,000. 95.74% of the stock is owned by institutional investors.

WK Kellogg Trading Up 0.2%

Shares of WK Kellogg stock traded up $0.04 on Wednesday, reaching $23.17. The company had a trading volume of 624,567 shares, compared to its average volume of 1,344,287. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 36.20 and a beta of 0.24. 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 firm's 50-day moving average price is $18.87 and its two-hundred day moving average price is $18.59. 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 announced 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). WK Kellogg had a return on equity of 34.88% and a net margin of 2.14%. The company had revenue of $667.00 million during the quarter, compared to analysts' expectations of $677.91 million. During the same quarter last year, the firm posted $0.37 EPS. WK Kellogg's revenue for the quarter was down 6.2% compared to the same quarter last year. As a group, research analysts predict that WK Kellogg Co. will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, August 29th. WK Kellogg's dividend payout ratio (DPR) is currently 103.13%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on KLG. BNP Paribas set a $23.00 price objective on WK Kellogg in a research note on Friday, July 11th. Cowen raised WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. Wall Street Zen raised WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Barclays reaffirmed an "underweight" rating and issued a $23.00 price objective (up previously from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Finally, Evercore ISI upped their price objective on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research note on Friday, July 11th. Two equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $20.13.

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.