Vanguard Group Inc. Acquires 245,555 Shares of WK Kellogg Co. $KLG

Key Points

• Vanguard Group Inc. increased its stake in WK Kellogg Co. by 4.6% in Q1, now owning 6.54% of the company with shares worth $112.4 million.
• WK Kellogg's recent earnings report showed a loss of $0.03 per share compared to analyst estimates, with a revenue decline of 8.8% year-over-year.
• The company announced a quarterly dividend of $0.165 per share, resulting in a dividend yield of 2.9%, with a payout ratio of 178.38%.

Vanguard Group Inc. raised its holdings in shares of WK Kellogg Co. (NYSE:KLG - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,640,453 shares of the company's stock after purchasing an additional 245,555 shares during the quarter. Vanguard Group Inc. owned approximately 6.54% of WK Kellogg worth $112,414,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of WK Kellogg by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company's stock worth $214,000 after buying an additional 733 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in shares of WK Kellogg during the first quarter worth $1,892,000. Oppenheimer & Co. Inc. lifted its holdings in shares of WK Kellogg by 110.6% during the first quarter. Oppenheimer & Co. Inc. now owns 26,994 shares of the company's stock worth $538,000 after buying an additional 14,175 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of WK Kellogg during the fourth quarter worth $754,000. Finally, Patrick Mauro Investment Advisor INC. lifted its holdings in shares of WK Kellogg by 35.1% during the fourth quarter. Patrick Mauro Investment Advisor INC. now owns 63,798 shares of the company's stock worth $1,148,000 after buying an additional 16,563 shares in the last quarter. Institutional investors and hedge funds own 95.74% of the company's stock.

WK Kellogg Price Performance

KLG stock traded up $0.01 during midday trading on Thursday, reaching $23.03. The company had a trading volume of 546,550 shares, compared to its average volume of 837,796. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 62.24 and a beta of 0.24. The stock has a 50 day moving average price of $21.27 and a 200-day moving average price of $19.34. WK Kellogg Co. has a 1-year low of $14.80 and a 1-year high of $23.56. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.99 and a quick ratio of 0.47.

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 analyst estimates of $653.36 million. WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The firm's revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. Equities research analysts expect that WK Kellogg Co. will post 1.57 earnings per share for the current year.

WK Kellogg Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on KLG shares. Cowen raised WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday, July 11th. JPMorgan Chase & Co. started coverage on WK Kellogg in a report on Wednesday, August 20th. They set a "neutral" rating and a $23.00 target price for the company. 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. Wall Street Zen raised WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, Barclays reaffirmed an "underweight" rating and issued a $23.00 price target (up previously from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Seven equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, WK Kellogg has a consensus rating of "Reduce" and a consensus target price of $20.88.

WK Kellogg Profile

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.