Rip Road Capital Partners LP Makes New Investment in WK Kellogg Co (NYSE:KLG)

Rip Road Capital Partners LP bought a new position in shares of WK Kellogg Co (NYSE:KLG - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 304,343 shares of the company's stock, valued at approximately $3,999,000. WK Kellogg accounts for about 4.3% of Rip Road Capital Partners LP's investment portfolio, making the stock its 11th biggest position. Rip Road Capital Partners LP owned 0.36% of WK Kellogg as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. bought a new position in WK Kellogg in the fourth quarter valued at approximately $4,461,000. Lincoln Capital Corp bought a new stake in shares of WK Kellogg during the fourth quarter worth $1,026,000. Nordea Investment Management AB bought a new stake in shares of WK Kellogg during the fourth quarter worth $2,119,000. Inlet Private Wealth LLC bought a new stake in shares of WK Kellogg during the fourth quarter worth $4,038,000. Finally, Oak Thistle LLC bought a new stake in shares of WK Kellogg during the fourth quarter worth $1,721,000. 95.74% of the stock is owned by institutional investors.

WK Kellogg Price Performance

Shares of NYSE:KLG remained flat at $18.24 during midday trading on Tuesday. 653,173 shares of the stock traded hands, compared to its average volume of 1,088,256. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.53. The business's 50 day moving average price is $21.02 and its 200 day moving average price is $16.50. The stock has a market cap of $1.57 billion and a P/E ratio of 11.26. WK Kellogg Co has a one year low of $9.65 and a one year high of $24.63.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its earnings results on Tuesday, May 7th. The company reported $0.37 EPS for the quarter, hitting the consensus estimate of $0.37. The business had revenue of $707.00 million for the quarter, compared to the consensus estimate of $697.83 million. WK Kellogg's revenue was down .7% compared to the same quarter last year. On average, analysts anticipate that WK Kellogg Co will post 1.55 EPS for the current fiscal year.

WK Kellogg Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Friday, May 31st. WK Kellogg's payout ratio is presently 39.51%.

Wall Street Analyst Weigh In

KLG has been the topic of a number of recent research reports. BNP Paribas lowered shares of WK Kellogg from a "neutral" rating to an "underperform" rating and set a $20.00 price target on the stock. in a report on Wednesday, May 8th. Barclays lifted their price target on shares of WK Kellogg from $15.00 to $19.00 and gave the stock an "underweight" rating in a report on Thursday, May 9th. Evercore ISI lifted their price target on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, May 8th. TD Cowen lifted their price target on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday, May 8th. Finally, Stifel Nicolaus lifted their price target on shares of WK Kellogg from $20.00 to $22.00 and gave the stock a "hold" rating in a report on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $16.95.

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.