Arrowstreet Capital Limited Partnership Cuts Stake in WK Kellogg Co (NYSE:KLG)

Arrowstreet Capital Limited Partnership lowered its holdings in WK Kellogg Co (NYSE:KLG - Free Report) by 20.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 746,517 shares of the company's stock after selling 192,731 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.87% of WK Kellogg worth $13,430,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of KLG. Charles Schwab Investment Management Inc. grew its position in WK Kellogg by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,240,046 shares of the company's stock worth $22,308,000 after acquiring an additional 127,488 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of WK Kellogg by 1,217.5% in the 4th quarter. Victory Capital Management Inc. now owns 233,997 shares of the company's stock worth $4,210,000 after buying an additional 216,236 shares during the last quarter. Royce & Associates LP increased its stake in shares of WK Kellogg by 46.0% during the fourth quarter. Royce & Associates LP now owns 105,134 shares of the company's stock valued at $1,891,000 after buying an additional 33,147 shares during the period. Alberta Investment Management Corp purchased a new position in shares of WK Kellogg during the fourth quarter valued at approximately $2,022,000. Finally, Barclays PLC increased its stake in shares of WK Kellogg by 406.6% during the third quarter. Barclays PLC now owns 128,710 shares of the company's stock valued at $2,202,000 after buying an additional 103,301 shares during the period. Hedge funds and other institutional investors own 95.74% of the company's stock.

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Analysts Set New Price Targets

KLG has been the topic of several research reports. Morgan Stanley initiated coverage on WK Kellogg in a research report on Monday, March 24th. They set an "underweight" rating and a $18.00 price target on the stock. Stifel Nicolaus dropped their target price on WK Kellogg from $19.00 to $18.00 and set a "hold" rating on the stock in a report on Friday, January 24th. Jefferies Financial Group dropped their target price on WK Kellogg from $19.00 to $16.00 and set a "hold" rating on the stock in a report on Tuesday, January 28th. Barclays dropped their target price on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a report on Friday, January 17th. Finally, TD Cowen downgraded WK Kellogg from a "hold" rating to a "sell" rating and dropped their target price for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Five research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $17.89.

WK Kellogg Stock Performance

Shares of NYSE:KLG traded down $0.34 during midday trading on Thursday, reaching $18.61. 71,857 shares of the company's stock traded hands, compared to its average volume of 1,012,070. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 22.98, a P/E/G ratio of 2.01 and a beta of 0.39. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74. WK Kellogg Co has a one year low of $15.17 and a one year high of $24.63. The stock has a 50 day moving average of $19.05 and a 200 day moving average of $18.29.

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

WK Kellogg Increases Dividend

The company also recently disclosed 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. This represents a $0.66 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from WK Kellogg's previous quarterly dividend of $0.16. WK Kellogg's dividend payout ratio is 81.48%.

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.