Panagora Asset Management Inc. Takes $1.86 Million Position in WK Kellogg Co (NYSE:KLG)

Panagora Asset Management Inc. acquired a new position in shares of WK Kellogg Co (NYSE:KLG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 112,891 shares of the company's stock, valued at approximately $1,858,000. Panagora Asset Management Inc. owned approximately 0.13% of WK Kellogg at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $26,000. Brown Brothers Harriman & Co. bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $27,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $31,000. Kapitalo Investimentos Ltda bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $39,000. Finally, Gladius Capital Management LP bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 95.74% of the company's stock.

WK Kellogg Trading Up 1.7 %

Shares of WK Kellogg stock traded up $0.28 during trading on Friday, reaching $17.17. 745,330 shares of the company were exchanged, compared to its average volume of 1,019,483. The company has a quick ratio of 0.36, a current ratio of 0.83 and a debt-to-equity ratio of 1.42. WK Kellogg Co has a twelve month low of $9.65 and a twelve month high of $24.63. The business has a 50-day moving average price of $16.84 and a 200-day moving average price of $18.21. The firm has a market capitalization of $1.47 billion and a price-to-earnings ratio of 12.26.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The company had revenue of $672.00 million for the quarter, compared to analyst estimates of $671.50 million. The firm's revenue was down 4.0% compared to the same quarter last year. Sell-side analysts anticipate that WK Kellogg Co will post 1.5 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.73%.

Analyst Upgrades and Downgrades

KLG has been the subject of several research analyst reports. Bank of America downgraded WK Kellogg from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $24.00 to $17.00 in a research report on Wednesday, July 10th. TD Cowen lifted their price objective on WK Kellogg from $13.00 to $24.00 and gave the company a "hold" rating in a research report on Wednesday, May 8th. BNP Paribas downgraded WK Kellogg from a "neutral" rating to an "underperform" rating and set a $20.00 price objective for the company. in a research report on Wednesday, May 8th. JPMorgan Chase & Co. cut their price objective on WK Kellogg from $22.00 to $17.00 and set a "neutral" rating for the company in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus dropped their target price on WK Kellogg from $22.00 to $18.00 and set a "hold" rating for the company in a research report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $17.40.

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.