Wellington Management Group LLP Buys New Shares in WK Kellogg Co (NYSE:KLG)

Wellington Management Group LLP acquired a new position in WK Kellogg Co (NYSE:KLG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 819,201 shares of the company’s stock, valued at approximately $14,737,000. Wellington Management Group LLP owned approximately 0.95% of WK Kellogg at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Halbert Hargrove Global Advisors LLC bought a new stake in WK Kellogg in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. purchased a new position in shares of WK Kellogg during the fourth quarter worth approximately $36,000. Wealthfront Advisers LLC bought a new stake in shares of WK Kellogg in the 4th quarter worth approximately $44,000. GAMMA Investing LLC grew its holdings in shares of WK Kellogg by 49.4% during the 4th quarter. GAMMA Investing LLC now owns 2,823 shares of the company’s stock valued at $51,000 after purchasing an additional 933 shares during the last quarter. Finally, Spire Wealth Management purchased a new position in WK Kellogg in the 4th quarter worth $56,000. 95.74% of the stock is currently owned by institutional investors.

WK Kellogg Stock Down 2.7 %

Shares of WK Kellogg stock opened at $18.02 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45. WK Kellogg Co has a 12-month low of $15.17 and a 12-month high of $24.63. The company has a market cap of $1.55 billion, a P/E ratio of 22.24, a PEG ratio of 2.01 and a beta of 0.39. The company’s fifty day simple moving average is $18.96 and its two-hundred day simple moving average is $18.28.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. Research analysts anticipate that WK Kellogg Co will post 1.57 EPS for the current year.

WK Kellogg Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.165 per share. The ex-dividend date was Friday, February 28th. This is a positive change from WK Kellogg’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a dividend yield of 3.66%. WK Kellogg’s payout ratio is currently 81.48%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on KLG shares. Stifel Nicolaus reduced their price objective on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, January 24th. Morgan Stanley started coverage on WK Kellogg in a research report on Monday, March 24th. They issued an “underweight” rating and a $18.00 price objective for the company. Barclays dropped their price objective on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, January 17th. TD Cowen downgraded shares of WK Kellogg from a “hold” rating to a “sell” rating and decreased their target price for the stock from $18.00 to $16.00 in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group dropped their price target on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Five investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $17.89.

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.