JPMorgan Chase & Co. Increases Stock Position in WK Kellogg Co (NYSE:KLG)

JPMorgan Chase & Co. boosted its position in WK Kellogg Co (NYSE:KLG - Free Report) by 69.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 313,182 shares of the company's stock after acquiring an additional 127,984 shares during the period. JPMorgan Chase & Co. owned 0.36% of WK Kellogg worth $5,359,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Captrust Financial Advisors raised its holdings in shares of WK Kellogg by 12,352.1% in the 3rd quarter. Captrust Financial Advisors now owns 1,516,417 shares of the company's stock worth $25,946,000 after acquiring an additional 1,504,239 shares during the last quarter. Geode Capital Management LLC increased its holdings in WK Kellogg by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,507,713 shares of the company's stock worth $25,802,000 after purchasing an additional 38,939 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of WK Kellogg by 579.1% in the second quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company's stock worth $23,107,000 after purchasing an additional 1,197,133 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of WK Kellogg by 31.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,124,503 shares of the company's stock valued at $19,240,000 after purchasing an additional 266,877 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of WK Kellogg by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company's stock valued at $19,036,000 after buying an additional 79,808 shares during the last quarter. Institutional investors and hedge funds own 95.74% of the company's stock.

Insiders Place Their Bets

In other news, Director G Zachary Gund purchased 65,000 shares of the company's stock in a transaction dated Thursday, November 14th. The shares were purchased at an average price of $17.76 per share, with a total value of $1,154,400.00. Following the transaction, the director now directly owns 195,000 shares of the company's stock, valued at approximately $3,463,200. This represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on KLG. Barclays dropped their price objective on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a research note on Friday. TD Cowen cut shares of WK Kellogg from a "hold" rating to a "sell" rating and cut their price target for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Four research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat, WK Kellogg currently has a consensus rating of "Reduce" and a consensus price target of $18.14.

WK Kellogg Stock Performance

Shares of NYSE KLG traded up $0.10 during mid-day trading on Friday, reaching $15.95. 617,712 shares of the company's stock were exchanged, compared to its average volume of 994,219. The firm has a 50-day moving average price of $18.50 and a two-hundred day moving average price of $17.65. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.78 and a quick ratio of 0.34. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 20.44 and a beta of 0.72. WK Kellogg Co has a 52 week low of $12.32 and a 52 week high of $24.63.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.26 by $0.05. WK Kellogg had a net margin of 2.50% and a return on equity of 33.41%. The business had revenue of $689.00 million for the quarter, compared to analyst estimates of $674.10 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The company's revenue for the quarter was down .4% on a year-over-year basis. Analysts predict that WK Kellogg Co will post 1.49 EPS for the current year.

WK Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend was Friday, November 29th. WK Kellogg's dividend payout ratio (DPR) is 82.05%.

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.