Private Management Group Inc. Has $8.47 Million Stock Holdings in WK Kellogg Co (NYSE:KLG)

Private Management Group Inc. lowered its holdings in WK Kellogg Co (NYSE:KLG - Free Report) by 24.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 514,314 shares of the company's stock after selling 162,602 shares during the period. Private Management Group Inc. owned about 0.60% of WK Kellogg worth $8,466,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Kellogg W K Foundation Trust bought a new position in shares of WK Kellogg in the 4th quarter valued at about $177,458,000. Massachusetts Financial Services Co. MA acquired a new position in shares of WK Kellogg during the 4th quarter worth approximately $18,412,000. Beutel Goodman & Co Ltd. bought a new stake in shares of WK Kellogg during the 4th quarter worth approximately $13,730,000. Bank of New York Mellon Corp boosted its holdings in shares of WK Kellogg by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 904,699 shares of the company's stock valued at $14,891,000 after buying an additional 77,262 shares during the last quarter. Finally, Rodgers Brothers Inc. grew its stake in shares of WK Kellogg by 2,253.3% in the first quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company's stock valued at $11,721,000 after buying an additional 596,975 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Stock Performance

Shares of KLG traded down $0.01 during midday trading on Monday, reaching $18.03. 801,000 shares of the stock were exchanged, compared to its average volume of 1,104,979. The stock's 50 day simple moving average is $16.90 and its 200 day simple moving average is $18.30. The company has a market cap of $1.55 billion and a P/E ratio of 12.89. WK Kellogg Co has a twelve month low of $9.65 and a twelve month high of $24.63. 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 (NYSE:KLG - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). The business had revenue of $672.00 million for the quarter, compared to analyst estimates of $671.50 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The business's revenue was down 4.0% on a year-over-year basis. On average, sell-side analysts expect that WK Kellogg Co will post 1.5 earnings per share for the current year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.55%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KLG. Bank of America cut shares of WK Kellogg from a "neutral" rating to an "underperform" rating and cut their price target for the company from $24.00 to $17.00 in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lowered their price target 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. Stifel Nicolaus cut their price objective 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. Finally, Barclays decreased their target price on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a report on Friday, July 19th. Four equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $17.40.

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.