WK Kellogg Co. (NYSE:KLG) Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group Inc. has reduced its stake in WK Kellogg Co. by 35%, selling over 112,000 shares, leaving it with 210,103 shares valued at approximately $4.19 million.
• Despite recent earnings miss, with $0.20 EPS against an expected $0.41, analysts have raised price targets, with several firms setting a new target of $23.00.
• WK Kellogg recently declared a quarterly dividend of $0.165 per share, with a current yield of 2.85%, although its payout ratio stands at a high 103.13%.

Private Management Group Inc. decreased its holdings in WK Kellogg Co. (NYSE:KLG - Free Report) by 35.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,103 shares of the company's stock after selling 112,921 shares during the quarter. Private Management Group Inc. owned approximately 0.24% of WK Kellogg worth $4,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ancora Advisors LLC grew its holdings in shares of WK Kellogg by 181.8% during the 4th quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock worth $27,000 after purchasing an additional 980 shares during the period. Curat Global LLC purchased a new position in WK Kellogg in the 1st quarter worth approximately $66,000. Summit Securities Group LLC purchased a new position in WK Kellogg in the 4th quarter worth approximately $70,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in WK Kellogg by 1,030.8% in 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. Finally, Canada Pension Plan Investment Board purchased a new position in WK Kellogg in the 4th quarter worth approximately $94,000. Hedge funds and other institutional investors own 95.74% of the company's stock.

WK Kellogg Stock Performance

Shares of NYSE:KLG traded up $0.01 during trading on Wednesday, hitting $23.06. 233,350 shares of the company traded hands, compared to its average volume of 1,357,770. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 36.02 and a beta of 0.23. The business's fifty day moving average is $18.30 and its 200-day moving average is $18.34. WK Kellogg Co. has a one year low of $14.80 and a one year high of $23.56. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.54.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.21). The company had revenue of $667.00 million for the quarter, compared to the consensus estimate of $677.91 million. WK Kellogg had a net margin of 2.14% and a return on equity of 34.88%. The firm's revenue for the quarter was down 6.2% compared to the same quarter last year. During the same period last year, the company posted $0.37 earnings per share. As a group, equities analysts predict that WK Kellogg Co. will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Friday, May 30th. WK Kellogg's payout ratio is 103.13%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on KLG shares. TD Cowen raised 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 report on Monday, July 14th. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. 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. Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. Finally, BNP Paribas set a $23.00 target price on WK Kellogg in a research note on Friday, July 11th. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.13.

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.