Gallacher Capital Management LLC Makes New Investment in WK Kellogg Co (NYSE:KLG)

Gallacher Capital Management LLC acquired a new stake in shares of WK Kellogg Co (NYSE:KLG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 34,480 shares of the company's stock, valued at approximately $568,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. purchased a new position in shares of WK Kellogg during the 4th quarter worth $26,000. Brown Brothers Harriman & Co. acquired a new stake in shares of WK Kellogg in the fourth quarter worth approximately $27,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in WK Kellogg during the fourth quarter worth approximately $31,000. Kapitalo Investimentos Ltda purchased a new position in WK Kellogg during the fourth quarter worth approximately $39,000. Finally, Quarry LP acquired a new position in shares of WK Kellogg in the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 95.74% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on KLG shares. Bank of America lowered WK Kellogg from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $24.00 to $17.00 in a research note on Wednesday, July 10th. Stifel Nicolaus cut their target price on shares of WK Kellogg from $22.00 to $18.00 and set a "hold" rating on the stock in a research note on Tuesday, July 23rd. Barclays lowered their price target on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating for the company in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. cut their price objective on WK Kellogg from $22.00 to $17.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 7th. Four analysts have rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to MarketBeat.com, WK Kellogg has a consensus rating of "Hold" and a consensus target price of $17.40.

WK Kellogg Trading Down 2.5 %

Shares of NYSE KLG traded down $0.47 during mid-day trading on Friday, hitting $18.04. 872,920 shares of the company traded hands, compared to its average volume of 1,106,735. 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 1 year low of $9.65 and a 1 year high of $24.63. The stock has a market capitalization of $1.55 billion and a price-to-earnings ratio of 11.95. The business has a 50 day moving average of $16.90 and a two-hundred day moving average of $18.27.

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

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.55%. The ex-dividend date is Thursday, August 29th. WK Kellogg's dividend payout ratio is currently 42.38%.

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.