Nuveen LLC Takes Position in WK Kellogg Co. $KLG

Key Points

• Nuveen LLC acquired 177,760 shares of WK Kellogg Co., valued at approximately $3,543,000, representing about 0.21% of the company's stock.
• WK Kellogg reported a net margin of 1.31% and earnings per share of $0.25 for the last quarter, missing estimates and showing an 8.8% decrease in revenue from the previous year.
• Institutional investors own 95.74% of WK Kellogg's stock, indicating strong institutional interest in the company.

Nuveen LLC purchased a new position in shares of WK Kellogg Co. (NYSE:KLG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 177,760 shares of the company's stock, valued at approximately $3,543,000. Nuveen LLC owned approximately 0.21% of WK Kellogg as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in KLG. Envestnet Asset Management Inc. raised its position in WK Kellogg by 22.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 15,185 shares of the company's stock worth $273,000 after acquiring an additional 2,766 shares during the period. Raymond James Financial Inc. acquired a new position in WK Kellogg during the fourth quarter worth $754,000. Marshall Wace LLP acquired a new position in WK Kellogg during the fourth quarter worth $397,000. First Trust Advisors LP raised its position in WK Kellogg by 15.3% during the fourth quarter. First Trust Advisors LP now owns 147,285 shares of the company's stock worth $2,650,000 after acquiring an additional 19,591 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in WK Kellogg by 11.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 474,136 shares of the company's stock worth $8,529,000 after acquiring an additional 49,798 shares during the period. 95.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on KLG shares. Evercore ISI upped their price objective on shares of WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research report on Friday, July 11th. Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating in a research report on Friday, July 11th. Barclays reiterated an "underweight" rating and issued a $23.00 target price (up from $16.00) on shares of WK Kellogg in a research report on Monday, July 14th. JPMorgan Chase & Co. started coverage on shares of WK Kellogg in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $23.00 target price for the company. Finally, TD Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating and increased their target price for the company from $14.00 to $23.00 in a research report on Monday, July 14th. Seven analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $20.88.

WK Kellogg Stock Up 0.1%

WK Kellogg stock traded up $0.03 during trading on Tuesday, reaching $22.95. The stock had a trading volume of 465,712 shares, compared to its average volume of 798,801. The stock has a market cap of $1.98 billion, a PE ratio of 62.01 and a beta of 0.24. The company has a quick ratio of 0.47, a current ratio of 0.99 and a debt-to-equity ratio of 1.97. WK Kellogg Co. has a 52-week low of $14.80 and a 52-week high of $23.56. The business has a 50 day moving average price of $21.70 and a 200 day moving average price of $19.44.

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

WK Kellogg Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders 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 dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. WK Kellogg's payout ratio is presently 178.38%.

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.