American Century Companies Inc. raised its stake in shares of WK Kellogg Co. (NYSE:KLG - Free Report) by 15.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,756,810 shares of the company's stock after buying an additional 240,093 shares during the period. American Century Companies Inc. owned about 2.04% of WK Kellogg worth $35,013,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. raised its stake in WK Kellogg by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company's stock valued at $214,000 after buying an additional 733 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of WK Kellogg in the 1st quarter worth $1,892,000. Oppenheimer & Co. Inc. increased its stake in shares of WK Kellogg by 110.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 26,994 shares of the company's stock worth $538,000 after purchasing an additional 14,175 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of WK Kellogg in the 4th quarter worth $754,000. Finally, Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 245,555 shares in the last quarter. 95.74% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the company. Barclays restated an "underweight" rating and issued a $23.00 price objective (up from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. TD Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating and upped their price objective for the stock from $14.00 to $23.00 in a research note on Monday, July 14th. Finally, Evercore ISI upped their price objective on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research note on Friday, July 11th. Seven investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $20.88.
Get Our Latest Stock Analysis on WK Kellogg
WK Kellogg Price Performance
WK Kellogg stock traded up $0.04 during mid-day trading on Wednesday, hitting $23.04. The stock had a trading volume of 751,141 shares, compared to its average volume of 845,476. The firm has a market capitalization of $1.99 billion, a P/E ratio of 62.26 and a beta of 0.24. 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 firm's 50 day moving average is $21.12 and its 200 day moving average is $19.29. WK Kellogg Co. has a one year low of $14.80 and a one year high of $23.56.
WK Kellogg (NYSE:KLG - Get Free Report) last released its quarterly earnings data 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 net margin of 1.31% and a return on equity of 31.34%. The company had revenue of $611.52 million for the quarter, compared to the consensus estimate of $653.36 million. During the same period last year, the company earned $0.36 EPS. The firm's revenue for the quarter was down 8.8% on a year-over-year basis. On average, sell-side analysts forecast that WK Kellogg Co. will post 1.57 earnings per share for the current fiscal year.
WK Kellogg Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.165 per share. 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 is 178.38%.
About WK Kellogg
(
Free Report)
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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