WK Kellogg Co. $KLG Stock Holdings Lowered by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in WK Kellogg Co. by 2.0%, holding approximately 765,981 shares valued at $15.3 million.
• WK Kellogg reported a quarterly earnings miss, posting $0.25 EPS against expectations of $0.28, with an 8.8% year-over-year decrease in revenue.
• The company recently declared a quarterly dividend of $0.165 per share, resulting in an annualized yield of 2.9% and a dividend payout ratio of 178.38%.

Northern Trust Corp trimmed its holdings in shares of WK Kellogg Co. (NYSE:KLG - Free Report) by 2.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 765,981 shares of the company's stock after selling 15,611 shares during the period. Northern Trust Corp owned approximately 0.89% of WK Kellogg worth $15,266,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ancora Advisors LLC raised its stake in WK Kellogg by 181.8% during the 4th quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock valued at $27,000 after purchasing an additional 980 shares during the period. Curat Global LLC bought a new position in shares of WK Kellogg during the 1st quarter worth about $66,000. Whittier Trust Co. of Nevada Inc. boosted its holdings 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake 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 valued at $144,000 after purchasing an additional 4,393 shares in the last quarter. Finally, Advisor OS LLC bought a new stake in WK Kellogg during the first quarter worth about $200,000. Institutional investors own 95.74% of the company's stock.

WK Kellogg Trading Up 0.2%

Shares of KLG opened at $22.99 on Thursday. WK Kellogg Co. has a 1-year low of $14.80 and a 1-year high of $23.56. The company has a market capitalization of $1.99 billion, a P/E ratio of 62.12 and a beta of 0.24. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.99 and a quick ratio of 0.47. The firm's 50 day simple moving average is $21.85 and its 200 day simple moving average is $19.47.

WK Kellogg (NYSE:KLG - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.25 earnings per share 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 firm 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 business earned $0.36 EPS. The company's revenue for the quarter was down 8.8% on a year-over-year basis. Sell-side analysts forecast that WK Kellogg Co. will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders 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 dividend yield of 2.9%. WK Kellogg's dividend payout ratio is presently 178.38%.

Wall Street Analysts Forecast Growth

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

WK Kellogg Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.