American Century Companies Inc. Purchases 240,093 Shares of WK Kellogg Co. $KLG

Key Points

• American Century Companies Inc. increased its stake in WK Kellogg Co. by 15.8% in the 1st quarter, owning over 1.75 million shares valued at approximately $35 million.
• Several hedge funds, including PNC Financial Services and Cambridge Investment Research Advisors, also raised their holdings in WK Kellogg, demonstrating strong institutional interest in the company.
• WK Kellogg's stock received multiple research upgrades, with a consensus price target of $20.88 while the company reported a miss on earnings for the last quarter.

American Century Companies Inc. increased its position in WK Kellogg Co. (NYSE:KLG - Free Report) by 15.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,756,810 shares of the company's stock after acquiring an additional 240,093 shares during the quarter. American Century Companies Inc. owned about 2.04% of WK Kellogg worth $35,013,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of KLG. Ancora Advisors LLC boosted its position 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 valued at $27,000 after acquiring an additional 980 shares during the period. Curat Global LLC bought a new stake in shares of WK Kellogg during the 1st quarter valued at about $66,000. Whittier Trust Co. of Nevada Inc. lifted its position in WK Kellogg by 1,030.8% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company's stock valued at $73,000 after purchasing an additional 3,350 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of WK Kellogg during the 4th quarter worth $94,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of WK Kellogg by 122.4% in the 4th 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 in the last quarter. 95.74% of the stock is currently owned by institutional investors.

WK Kellogg Trading Up 0.0%

Shares of KLG traded up $0.0050 during mid-day trading on Friday, hitting $22.9950. 646,712 shares of the company's stock traded hands, compared to its average volume of 820,180. 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 1 year low of $14.80 and a 1 year high of $23.56. The firm has a market capitalization of $1.99 billion, a P/E ratio of 19.47 and a beta of 0.24. The business's 50-day moving average price is $20.68 and its 200-day moving average price is $19.19.

WK Kellogg (NYSE:KLG - Get Free Report) last announced 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 business had revenue of $611.52 million during 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 business's revenue was down 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. As a group, sell-side analysts forecast that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. WK Kellogg's dividend payout ratio (DPR) is currently 178.38%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on KLG shares. Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. started coverage on shares of WK Kellogg in a research note on Wednesday. They set a "neutral" rating and a $23.00 price target on the stock. Evercore ISI lifted their price target on shares of WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research note on Friday, July 11th. BNP Paribas set a $23.00 price target on shares of WK Kellogg in a research note on Friday, July 11th. Finally, TD Cowen raised WK Kellogg from a "sell" rating to a "hold" rating and lifted their price target for the stock from $14.00 to $23.00 in a research note on Monday, July 14th. Seven research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, WK Kellogg currently has an average rating of "Reduce" and a consensus price target 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.