Jupiter Asset Management Ltd. Boosts Stock Position in WK Kellogg Co (NYSE:KLG)

Jupiter Asset Management Ltd. increased its stake in shares of WK Kellogg Co (NYSE:KLG - Free Report) by 64.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 873,047 shares of the company's stock after purchasing an additional 341,939 shares during the quarter. Jupiter Asset Management Ltd. owned 1.02% of WK Kellogg worth $14,370,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kellogg W K Foundation Trust acquired a new position in WK Kellogg during the 4th quarter worth $177,458,000. Massachusetts Financial Services Co. MA acquired a new position in WK Kellogg during the 4th quarter worth $18,412,000. Beutel Goodman & Co Ltd. acquired a new position in WK Kellogg during the 4th quarter worth $13,730,000. Bank of New York Mellon Corp grew its stake in WK Kellogg by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 904,699 shares of the company's stock worth $14,891,000 after purchasing an additional 77,262 shares in the last quarter. Finally, Rodgers Brothers Inc. boosted its position in shares of WK Kellogg by 2,253.3% during the 1st quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company's stock worth $11,721,000 after acquiring an additional 596,975 shares in the last quarter. 95.74% of the stock is owned by institutional investors and hedge funds.

WK Kellogg Stock Performance

Shares of WK Kellogg stock traded down $0.20 on Friday, hitting $18.37. The stock had a trading volume of 936,959 shares, compared to its average volume of 1,099,074. WK Kellogg Co has a 52-week low of $9.65 and a 52-week high of $24.63. The company has a current ratio of 0.83, a quick ratio of 0.36 and a debt-to-equity ratio of 1.42. The stock has a market cap of $1.58 billion and a price-to-earnings ratio of 13.11. The company's 50 day moving average price is $17.03 and its 200 day moving average price is $18.35.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its earnings results 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). The firm had revenue of $672.00 million during the quarter, compared to analysts' expectations of $671.50 million. WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. WK Kellogg's quarterly revenue was down 4.0% on a year-over-year basis. On average, research analysts anticipate that WK Kellogg Co will post 1.5 EPS for the current year.

WK Kellogg Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.48%. The ex-dividend date is Thursday, August 29th.

Analysts Set New Price Targets

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

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.