Hsbc Holdings PLC Takes $633,000 Position in WK Kellogg Co (NYSE:KLG)

Hsbc Holdings PLC acquired a new stake in WK Kellogg Co (NYSE:KLG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 48,195 shares of the company's stock, valued at approximately $633,000. Hsbc Holdings PLC owned approximately 0.06% of WK Kellogg at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA purchased a new stake in shares of WK Kellogg during the fourth quarter worth $18,412,000. Beutel Goodman & Co Ltd. purchased a new stake in WK Kellogg during the 4th quarter worth about $13,730,000. London & Capital Asset Management Ltd acquired a new stake in WK Kellogg in the 4th quarter valued at about $10,363,000. Private Management Group Inc. purchased a new position in shares of WK Kellogg in the 4th quarter valued at about $8,956,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in shares of WK Kellogg during the fourth quarter worth about $8,526,000. Hedge funds and other institutional investors own 95.74% of the company's stock.

WK Kellogg Price Performance

NYSE KLG traded down $0.57 during trading hours on Friday, hitting $23.20. The company had a trading volume of 1,105,929 shares, compared to its average volume of 1,035,433. The business has a 50 day moving average of $19.05 and a 200-day moving average of $14.66. WK Kellogg Co has a 1-year low of $9.65 and a 1-year high of $24.63. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.43 and a current ratio of 0.84.

WK Kellogg (NYSE:KLG - Get Free Report) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.03). The company had revenue of $651.00 million during the quarter, compared to analysts' expectations of $645.87 million. The company's quarterly revenue was down 2.7% on a year-over-year basis. Analysts forecast that WK Kellogg Co will post 1.51 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be given a $0.16 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.64 annualized dividend and a yield of 2.76%.

Analyst Ratings Changes

KLG has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price target on shares of WK Kellogg from $13.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, April 26th. Barclays raised their price objective on shares of WK Kellogg from $12.00 to $15.00 and gave the company an "underweight" rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $13.45.

About WK Kellogg

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.