Bank of New York Mellon Corp Acquires 206,320 Shares of WK Kellogg Co (NYSE:KLG)

Bank of New York Mellon Corp raised its position in WK Kellogg Co (NYSE:KLG - Free Report) by 24.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,056,802 shares of the company's stock after acquiring an additional 206,320 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.23% of WK Kellogg worth $19,012,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake 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 in the last quarter. Spire Wealth Management bought a new stake in shares of WK Kellogg during the 4th quarter valued at about $56,000. Transcendent Capital Group LLC boosted its stake in shares of WK Kellogg by 9,608.0% during the 4th quarter. Transcendent Capital Group LLC now owns 4,854 shares of the company's stock valued at $87,000 after purchasing an additional 4,804 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of WK Kellogg during the 3rd quarter valued at about $254,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of WK Kellogg by 75.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,433 shares of the company's stock valued at $278,000 after purchasing an additional 6,631 shares in the last quarter. Hedge funds and other institutional investors own 95.74% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus cut their target price on shares of WK Kellogg from $19.00 to $18.00 and set a "hold" rating on the stock in a research note on Friday, January 24th. Barclays dropped their target price on shares of WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a research note on Friday, January 17th. TD Cowen downgraded shares of 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 research note on Wednesday, January 8th. Finally, Jefferies Financial Group dropped their target price on shares of WK Kellogg from $19.00 to $16.00 and set a "hold" rating on the stock in a research note on Tuesday, January 28th. Four research analysts have rated the stock with a sell rating and four have given a hold rating to the company's stock. According to data from MarketBeat, WK Kellogg currently has an average rating of "Hold" and a consensus target price of $17.88.

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WK Kellogg Stock Performance

Shares of KLG traded up $0.12 during mid-day trading on Friday, hitting $20.12. 747,444 shares of the company traded hands, compared to its average volume of 1,020,500. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74. The stock has a 50-day moving average price of $17.93 and a two-hundred day moving average price of $18.09. WK Kellogg Co has a 1 year low of $15.17 and a 1 year high of $24.63. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 24.83, a P/E/G ratio of 2.01 and a beta of 0.30.

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

WK Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.165 per share. This is a boost from WK Kellogg's previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Friday, February 28th. WK Kellogg's dividend payout ratio is currently 81.48%.

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.