WK Kellogg Co. (NYSE:KLG) Short Interest Update

Key Points

• WK Kellogg Co. experienced a significant decline in short interest, decreasing by 22.2% to 5,180,000 shares as of August 15th.
• Institutional investors own 95.74% of WK Kellogg’s stock, with notable increases in stakes from firms like Vanguard Group and LSV Asset Management.
• The company announced a quarterly dividend of $0.165 per share, reflecting a yield of 2.9%, despite a high dividend payout ratio of 178.38%.

WK Kellogg Co. (NYSE:KLG - Get Free Report) saw a large decrease in short interest in August. As of August 15th, there was short interest totaling 5,180,000 shares, a decrease of 22.2% from the July 31st total of 6,660,000 shares. Approximately 6.4% of the company's stock are short sold. Based on an average daily volume of 1,780,000 shares, the days-to-cover ratio is currently 2.9 days. Based on an average daily volume of 1,780,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 6.4% of the company's stock are short sold.

WK Kellogg Stock Performance

Shares of WK Kellogg stock traded down $0.02 during mid-day trading on Friday, hitting $22.98. 1,673,163 shares of the stock were exchanged, compared to its average volume of 1,295,064. WK Kellogg has a 12 month low of $14.80 and a 12 month high of $23.56. The company has a 50-day simple moving average of $22.60 and a 200 day simple moving average of $19.60. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.99. The company has a market capitalization of $1.99 billion, a P/E ratio of 62.09 and a beta of 0.24.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.03). WK Kellogg had a return on equity of 31.34% and a net margin of 1.31%.The firm had revenue of $611.52 million for the quarter, compared to the consensus estimate of $653.36 million. During the same period in the prior year, the business earned $0.36 EPS. WK Kellogg's quarterly revenue was down 8.8% compared to the same quarter last year. Sell-side analysts anticipate that WK Kellogg will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company 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 dividend of $0.165 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.66 annualized dividend and a dividend yield of 2.9%. WK Kellogg's dividend payout ratio (DPR) is currently 178.38%.

Hedge Funds Weigh In On WK Kellogg

Several hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. lifted its position in shares of WK Kellogg by 33.8% during the 2nd quarter. Osaic Holdings Inc. now owns 32,552 shares of the company's stock worth $519,000 after buying an additional 8,224 shares in the last quarter. Thompson Davis & CO. Inc. bought a new stake in shares of WK Kellogg in the 2nd quarter worth approximately $1,421,000. Rexford Capital Inc. bought a new stake in shares of WK Kellogg in the 2nd quarter worth approximately $42,000. Public Sector Pension Investment Board raised its holdings in shares of WK Kellogg by 7.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 226,459 shares of the company's stock worth $3,610,000 after purchasing an additional 16,218 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of WK Kellogg by 98.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,886 shares of the company's stock worth $126,000 after purchasing an additional 3,906 shares during the period. Institutional investors own 95.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research report on Friday, July 11th. Zacks Research upgraded WK Kellogg from a "strong sell" rating to a "hold" rating in a research note on Monday. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. 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 price target on WK Kellogg in a research note on Friday, July 11th. Eight research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, WK Kellogg presently has a consensus rating of "Reduce" and a consensus price target of $20.88.

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.