Wellington Management Group LLP Has $18.88 Million Stake 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 raised its stake in WK Kellogg Co. (NYSE:KLG - Free Report) by 15.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 947,493 shares of the company's stock after purchasing 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 & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ancora Advisors LLC raised its stake in shares of WK Kellogg by 181.8% in 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 during the last quarter. Curat Global LLC purchased a new stake in shares of WK Kellogg in the first quarter worth approximately $66,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of WK Kellogg by 1,030.8% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company's stock worth $73,000 after purchasing an additional 3,350 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of WK Kellogg by 122.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,981 shares of the company's stock worth $144,000 after purchasing an additional 4,393 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new stake in shares of WK Kellogg in the fourth quarter worth approximately $198,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

WK Kellogg Trading Up 0.0%

NYSE:KLG opened at $22.98 on Tuesday. The company has a current ratio of 0.99, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The stock has a market capitalization of $1.99 billion, a PE ratio of 62.11 and a beta of 0.24. The firm's 50 day moving average is $20.83 and its 200 day moving average is $19.24. WK Kellogg Co. has a 12 month low of $14.80 and a 12 month high of $23.56.

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

WK Kellogg Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors 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 178.38%.

Analyst Ratings Changes

Several analysts have recently commented on KLG shares. BNP Paribas set a $23.00 price objective on WK Kellogg in a research note on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on shares of WK Kellogg in a research report on Wednesday, August 20th. They set a "neutral" rating and a $23.00 target price on the stock. Wall Street Zen raised shares of WK Kellogg from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Barclays reissued an "underweight" rating and set a $23.00 target price (up previously from $16.00) on shares of WK Kellogg in a research report on Monday, July 14th. Finally, TD Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating and lifted their target price for the stock from $14.00 to $23.00 in a research report on Monday, July 14th. Seven investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $20.88.

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.

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