Wellington Management Group LLP Raises Holdings in WK Kellogg Co. $KLG

Key Points

• Wellington Management Group LLP increased its stake in WK Kellogg Co. by 15.7% in the first quarter, now owning 947,493 shares worth approximately $18.88 million.
• WK Kellogg reported earnings per share (EPS) of $0.25 for the last quarter, missing analyst expectations of $0.28, and had a revenue of $611.52 million, down 8.8% year-over-year.
• The company declared a quarterly dividend of $0.165, resulting in an annualized dividend yield of 2.9%, though its payout ratio is notably high at 178.38%.

Wellington Management Group LLP grew its position in WK Kellogg Co. (NYSE:KLG - Free Report) by 15.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 947,493 shares of the company's stock after acquiring an additional 128,292 shares during the quarter. Wellington Management Group LLP owned 1.10% of WK Kellogg worth $18,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in WK Kellogg by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company's stock worth $112,414,000 after acquiring an additional 245,555 shares during the last quarter. LSV Asset Management increased its stake in WK Kellogg by 280.5% in the 1st quarter. LSV Asset Management now owns 3,038,537 shares of the company's stock worth $60,558,000 after acquiring an additional 2,239,966 shares during the last quarter. Jupiter Asset Management Ltd. increased its stake in WK Kellogg by 17.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company's stock worth $58,574,000 after acquiring an additional 444,120 shares during the last quarter. D. E. Shaw & Co. Inc. increased its stake in WK Kellogg by 0.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,827,524 shares of the company's stock worth $32,877,000 after acquiring an additional 17,088 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of WK Kellogg by 15.8% in the 1st quarter. American Century Companies Inc. now owns 1,756,810 shares of the company's stock worth $35,013,000 after purchasing an additional 240,093 shares during the period. Institutional investors own 95.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on KLG shares. JPMorgan Chase & Co. started coverage on WK Kellogg in a report on Wednesday, August 20th. They issued a "neutral" rating and a $23.00 target price for the company. BNP Paribas set a $23.00 target price on WK Kellogg in a report on Friday, July 11th. Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday, July 11th. Evercore ISI lifted their target price on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a report on Friday, July 11th. Finally, Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. Seven equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $20.88.

WK Kellogg Trading Down 0.5%

KLG traded down $0.11 during trading hours on Friday, reaching $22.92. 1,341,877 shares of the company's stock traded hands, compared to its average volume of 842,720. The firm has a 50-day moving average price of $21.41 and a 200 day moving average price of $19.40. WK Kellogg Co. has a 52-week low of $14.80 and a 52-week high of $23.56. The company has a quick ratio of 0.47, a current ratio of 0.99 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $1.98 billion, a PE ratio of 61.93 and a beta of 0.24.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.25 earnings per share (EPS) 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 business had revenue of $611.52 million for the quarter, compared to analysts' expectations of $653.36 million. During the same quarter in the previous year, the firm earned $0.36 EPS. WK Kellogg'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 EPS 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 issued 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 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.