Jupiter Asset Management Ltd. Grows Stock Holdings in 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. raised its holdings in WK Kellogg Co. (NYSE:KLG - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,939,001 shares of the company's stock after acquiring an additional 444,120 shares during the period. Jupiter Asset Management Ltd. owned 3.41% of WK Kellogg worth $58,574,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in shares of WK Kellogg in the fourth quarter valued at $754,000. KLP Kapitalforvaltning AS acquired a new stake in WK Kellogg in the 4th quarter worth about $227,000. LPL Financial LLC grew its holdings in WK Kellogg by 33.3% in the 4th quarter. LPL Financial LLC now owns 39,709 shares of the company's stock valued at $714,000 after buying an additional 9,921 shares during the period. Pictet Asset Management Holding SA acquired a new position in shares of WK Kellogg during the 4th quarter valued at about $194,000. Finally, Wellington Management Group LLP acquired a new position in shares of WK Kellogg during the 4th quarter valued at about $14,737,000. Hedge funds and other institutional investors own 95.74% of the company's stock.

WK Kellogg Stock Performance

NYSE:KLG opened at $23.09 on Friday. The firm's fifty day simple moving average is $18.63 and its 200 day simple moving average is $18.48. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.54. WK Kellogg Co. has a twelve month low of $14.80 and a twelve month high of $23.56. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 36.08 and a beta of 0.23.

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

WK Kellogg Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, August 29th. WK Kellogg's dividend payout ratio is currently 103.13%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on KLG. TD Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating and raised their target price for the stock from $14.00 to $23.00 in a research report on Monday, July 14th. Barclays reiterated an "underweight" rating and issued a $23.00 price target (up previously 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 target price on WK Kellogg in a report on Friday, July 11th. Finally, Evercore ISI boosted their price target on WK Kellogg from $19.00 to $23.00 and gave the company an "in-line" rating in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.13.

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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