Salem Investment Counselors Inc. Lowers Stake in WK Kellogg Co. $KLG

Key Points

• Salem Investment Counselors Inc. reduced its stake in WK Kellogg Co. by 15.1%, now holding 134,083 shares valued at approximately $2.14 million.
• Several institutional investors have increased their positions in WK Kellogg, with notable growth from Jones Financial Companies by 150.3% and UBS Asset Management by 5.7% in the first quarter.
• WK Kellogg's most recent earnings report indicated a net loss relative to expectations, reporting an EPS of $0.25 versus the estimated $0.28, along with an 8.8% decrease in revenue year-over-year.

Salem Investment Counselors Inc. lessened its position in shares of WK Kellogg Co. (NYSE:KLG - Free Report) by 15.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,083 shares of the company's stock after selling 23,893 shares during the period. Salem Investment Counselors Inc. owned approximately 0.16% of WK Kellogg worth $2,137,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in WK Kellogg by 5.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 145,640 shares of the company's stock valued at $2,903,000 after acquiring an additional 7,830 shares during the period. Jones Financial Companies Lllp grew its position in WK Kellogg by 150.3% during the first quarter. Jones Financial Companies Lllp now owns 19,559 shares of the company's stock valued at $390,000 after acquiring an additional 11,746 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in WK Kellogg by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,997 shares of the company's stock valued at $777,000 after acquiring an additional 1,659 shares during the period. Hancock Whitney Corp boosted its position in shares of WK Kellogg by 5.5% in the first quarter. Hancock Whitney Corp now owns 39,411 shares of the company's stock worth $785,000 after buying an additional 2,071 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of WK Kellogg in the first quarter worth about $2,416,000. Hedge funds and other institutional investors own 95.74% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. TD Cowen raised WK Kellogg from a "sell" rating to a "hold" rating and upped their target price for the stock from $14.00 to $23.00 in a research report on Monday, July 14th. Zacks Research raised WK Kellogg from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. JPMorgan Chase & Co. assumed coverage on WK Kellogg in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $23.00 target price for the company. Evercore ISI upped their target price on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research report on Friday, July 11th. Finally, Wall Street Zen raised WK Kellogg from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Eight research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, WK Kellogg has a consensus rating of "Reduce" and an average price target of $20.88.

WK Kellogg Trading Down 0.1%

NYSE:KLG opened at $22.97 on Friday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.99. WK Kellogg Co. has a one year low of $14.80 and a one year high of $23.56. The business's 50-day simple moving average is $22.71 and its 200 day simple moving average is $19.62. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 62.08 and a beta of 0.24.

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

WK Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Friday, August 29th were paid a dividend of $0.165 per share. The ex-dividend date was Friday, August 29th. This represents a $0.66 annualized dividend and a yield of 2.9%. WK Kellogg's dividend payout ratio is presently 178.38%.

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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