Northern Trust Corp Sells 15,611 Shares of WK Kellogg Co. $KLG

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 stake in WK Kellogg Co. (NYSE:KLG - Free Report) by 2.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 765,981 shares of the company's stock after selling 15,611 shares during the quarter. 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 have also recently bought and sold shares of the company. Ancora Advisors LLC grew its stake in 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 purchasing an additional 980 shares in the last quarter. Curat Global LLC bought a new position in shares of WK Kellogg during the 1st quarter worth approximately $66,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of WK Kellogg by 1,030.8% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company's stock worth $73,000 after acquiring an additional 3,350 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of WK Kellogg by 122.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,981 shares of the company's stock worth $144,000 after acquiring an additional 4,393 shares during the period. Finally, Advisor OS LLC bought a new position in shares of WK Kellogg during the 1st quarter worth approximately $200,000. 95.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. BNP Paribas set a $23.00 target price on WK Kellogg in a research note on Friday, July 11th. Barclays reiterated an "underweight" rating and set a $23.00 target price (up from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. JPMorgan Chase & Co. assumed coverage on WK Kellogg in a research note on Wednesday, August 20th. They set a "neutral" rating and a $23.00 target price for the company. TD Cowen upgraded 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 note on Monday, July 14th. Finally, 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 research note on Friday, July 11th. Seven equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $20.88.

WK Kellogg Stock Performance

KLG traded up $0.02 during trading on Tuesday, hitting $23.00. The stock had a trading volume of 788,919 shares, compared to its average volume of 1,294,430. The company has a 50 day moving average price of $22.27 and a 200-day moving average price of $19.53. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 62.15 and a beta of 0.24. WK Kellogg Co. has a one year low of $14.80 and a one 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 released its quarterly earnings results on Thursday, August 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). The firm had revenue of $611.52 million during the quarter, compared to the consensus estimate of $653.36 million. WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The business's revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. As a group, research analysts predict that WK Kellogg Co. will post 1.57 EPS for the current year.

WK Kellogg Dividend Announcement

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 dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, August 29th. WK Kellogg's dividend payout ratio is presently 178.38%.

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.