Two Sigma Investments LP Trims Stake in WK Kellogg Co (NYSE:KLG)

Two Sigma Investments LP reduced its stake in WK Kellogg Co (NYSE:KLG - Free Report) by 32.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 502,461 shares of the company's stock after selling 239,813 shares during the quarter. Two Sigma Investments LP owned 0.58% of WK Kellogg worth $9,039,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Halbert Hargrove Global Advisors LLC purchased a new position in shares of WK Kellogg during the fourth quarter worth $25,000. Ancora Advisors LLC lifted its stake in 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 acquiring an additional 980 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in WK Kellogg during the 4th quarter valued at about $36,000. Wealthfront Advisers LLC acquired a new position in WK Kellogg in the 4th quarter valued at about $44,000. Finally, Spire Wealth Management purchased a new stake in WK Kellogg during the fourth quarter worth about $56,000. Hedge funds and other institutional investors own 95.74% of the company's stock.

Analyst Ratings Changes

Separately, Morgan Stanley began coverage on shares of WK Kellogg in a research note on Monday, March 24th. They issued an "underweight" rating and a $18.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $16.86.

WK Kellogg Stock Up 0.2%

NYSE KLG traded up $0.04 during trading hours on Friday, hitting $16.96. 108,503 shares of the company were exchanged, compared to its average volume of 971,083. The company has a 50 day moving average of $18.34 and a two-hundred day moving average of $18.45. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 2.01 and a beta of 0.54. WK Kellogg Co has a 52-week low of $14.80 and a 52-week high of $22.21.

WK Kellogg (NYSE:KLG - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.21). WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. The firm had revenue of $667.00 million for the quarter, compared to analysts' expectations of $677.91 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. The firm's quarterly revenue was down 6.2% on a year-over-year basis. Equities research analysts anticipate 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, June 13th. Shareholders of record on Friday, May 30th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Friday, May 30th. WK Kellogg's dividend payout ratio is presently 103.13%.

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.