LSV Asset Management Increases Position in WK Kellogg Co. (NYSE:KLG)

Key Points

• LSV Asset Management increased its stake in WK Kellogg Co. by 280.5% during the first quarter, owning over 3 million shares valued at approximately $60.6 million.
• WK Kellogg reported a miss in earnings for the latest quarter, posting $0.20 EPS against a consensus estimate of $0.41 EPS, with revenues declining 6.2% year-over-year.
• The company announced a quarterly dividend of $0.165 per share, reflecting a 2.9% dividend yield, despite a payout ratio of over 100%.

LSV Asset Management lifted its stake in shares of WK Kellogg Co. (NYSE:KLG - Free Report) by 280.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,038,537 shares of the company's stock after acquiring an additional 2,239,966 shares during the quarter. LSV Asset Management owned 3.53% of WK Kellogg worth $60,558,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of WK Kellogg by 2.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,224 shares of the company's stock worth $443,000 after purchasing an additional 613 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of WK Kellogg by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company's stock worth $214,000 after purchasing an additional 733 shares in the last quarter. Alpha Omega Wealth Management LLC grew its stake in shares of 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 purchasing an additional 900 shares in the last quarter. Ancora Advisors LLC grew its stake in shares of WK Kellogg by 181.8% during the fourth quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock worth $27,000 after purchasing an additional 980 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in WK Kellogg by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,338 shares of the company's stock valued at $672,000 after acquiring an additional 1,339 shares in the last quarter. 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 company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 36.08 and a beta of 0.23. The firm's fifty day simple moving average is $18.63 and its 200 day simple moving average is $18.49. WK Kellogg Co. has a twelve month low of $14.80 and a twelve month high of $23.56.

WK Kellogg (NYSE:KLG - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.21). WK Kellogg had a return on equity of 34.88% and a net margin of 2.14%. The firm had revenue of $667.00 million for the quarter, compared to analysts' expectations of $677.91 million. During the same period last year, the firm earned $0.37 EPS. The business's quarterly revenue was down 6.2% on a year-over-year basis. 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 Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Barclays reiterated an "underweight" rating and set a $23.00 target price (up previously from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Wall Street Zen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Evercore ISI increased their target price on shares of WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research note on Friday, July 11th. TD Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating and increased their target price for the stock from $14.00 to $23.00 in a research note on Monday, July 14th. Finally, Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $20.13.

WK Kellogg Company 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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