Private Management Group Inc. Sells 189,462 Shares of WK Kellogg Co (NYSE:KLG)

Private Management Group Inc. cut its stake in shares of WK Kellogg Co (NYSE:KLG) by 37.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 323,024 shares of the company’s stock after selling 189,462 shares during the period. Private Management Group Inc.’s holdings in WK Kellogg were worth $5,811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of KLG. The Manufacturers Life Insurance Company increased its position in shares of WK Kellogg by 158.0% during the second quarter. The Manufacturers Life Insurance Company now owns 33,726 shares of the company’s stock valued at $555,000 after buying an additional 20,656 shares during the period. Truist Financial Corp increased its position in shares of WK Kellogg by 11.4% during the second quarter. Truist Financial Corp now owns 38,808 shares of the company’s stock valued at $639,000 after buying an additional 3,970 shares during the period. SG Americas Securities LLC bought a new stake in shares of WK Kellogg during the third quarter valued at about $597,000. GAMMA Investing LLC increased its position in shares of WK Kellogg by 88.6% during the third quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock valued at $32,000 after buying an additional 888 shares during the period. Finally, nVerses Capital LLC bought a new stake in shares of WK Kellogg during the third quarter valued at about $99,000. 95.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus decreased their price target on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, January 24th. Jefferies Financial Group cut their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Barclays cut their price objective on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Finally, TD Cowen lowered WK Kellogg from a “hold” rating to a “sell” rating and cut their price objective for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, WK Kellogg currently has a consensus rating of “Hold” and an average price target of $17.88.

Insider Activity

In related news, Director G Zachary Gund acquired 65,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was purchased at an average price of $17.76 per share, with a total value of $1,154,400.00. Following the completion of the purchase, the director now owns 195,000 shares in the company, valued at $3,463,200. This trade represents a 50.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.90% of the company’s stock.

WK Kellogg Stock Down 2.3 %

Shares of KLG opened at $16.27 on Friday. The firm has a market cap of $1.40 billion, a P/E ratio of 20.85 and a beta of 0.71. The stock has a 50 day simple moving average of $18.07 and a two-hundred day simple moving average of $17.70. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.78 and a quick ratio of 0.34. WK Kellogg Co has a 1 year low of $12.32 and a 1 year high of $24.63.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The firm had revenue of $689.00 million during the quarter, compared to analyst estimates of $674.10 million. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.49 earnings per share. On average, analysts forecast that WK Kellogg Co will post 1.48 earnings per share for the current fiscal year.

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.