LPL Financial LLC Grows Stock Position in WK Kellogg Co. $KLG

Key Points

• LPL Financial LLC increased its shareholding in WK Kellogg Co. by 78.9% during the first quarter, owning approximately 71,025 shares worth $1,416,000 by the end of the quarter.
• Several hedge funds have altered their positions in WK Kellogg, with Wellington Management Group purchasing a new position valued at $14.7 million and Universal Beteiligungs increasing its position by 254%.
• WK Kellogg reported a miss on earnings with $0.25 EPS against a $0.28 expectation, and a revenue decline of 8.8% year-over-year during its most recent quarterly earnings announcement.

LPL Financial LLC raised its stake in WK Kellogg Co. (NYSE:KLG - Free Report) by 78.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,025 shares of the company's stock after buying an additional 31,316 shares during the quarter. LPL Financial LLC owned about 0.08% of WK Kellogg worth $1,416,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in WK Kellogg by 2.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,224 shares of the company's stock worth $443,000 after purchasing an additional 613 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in WK Kellogg by 7.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company's stock valued at $214,000 after buying an additional 733 shares during the period. Alpha Omega Wealth Management LLC raised its position in WK Kellogg by 7.0% during the first quarter. Alpha Omega Wealth Management LLC now owns 13,780 shares of the company's stock worth $275,000 after acquiring an additional 900 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of WK Kellogg by 181.8% during the 4th quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock worth $27,000 after buying an additional 980 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in WK Kellogg by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,338 shares of the company's stock worth $672,000 after purchasing an additional 1,339 shares during the period. Institutional investors and hedge funds own 95.74% of the company's stock.

WK Kellogg Trading Up 0.2%

Shares of NYSE KLG traded up $0.06 during mid-day trading on Wednesday, reaching $23.06. The company had a trading volume of 257,757 shares, compared to its average volume of 1,295,218. WK Kellogg Co. has a 52 week low of $14.80 and a 52 week high of $23.56. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 62.31 and a beta of 0.24. The company has a current ratio of 0.99, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The business's 50-day moving average is $20.97 and its 200-day moving average is $19.26.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.25 earnings per share 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 company had revenue of $611.52 million for the quarter, compared to analyst estimates of $653.36 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. WK Kellogg's revenue was down 8.8% on a year-over-year basis. Equities analysts expect 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 will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be paid 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 currently 178.38%.

Analyst Ratings Changes

Several analysts have commented on KLG shares. Barclays restated an "underweight" rating and issued a $23.00 price objective (up from $16.00) on shares of WK Kellogg in a report on Monday, July 14th. BNP Paribas set a $23.00 price target on WK Kellogg in a research report on Friday, July 11th. TD Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating and boosted their price target for the company from $14.00 to $23.00 in a report on Monday, July 14th. JPMorgan Chase & Co. started coverage on shares of WK Kellogg in a research note on Wednesday, August 20th. They set a "neutral" rating and a $23.00 price objective on the stock. Finally, Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday, July 11th. Seven analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $20.88.

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.