Acadian Asset Management LLC Increases Holdings in WK Kellogg Co (NYSE:KLG)

Acadian Asset Management LLC grew its stake in WK Kellogg Co (NYSE:KLG - Free Report) by 64,642.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,806 shares of the company's stock after purchasing an additional 73,692 shares during the period. Acadian Asset Management LLC owned about 0.09% of WK Kellogg worth $1,213,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kellogg W K Foundation Trust acquired a new stake in shares of WK Kellogg during the fourth quarter valued at about $177,458,000. Massachusetts Financial Services Co. MA acquired a new position in WK Kellogg during the fourth quarter worth $18,412,000. Beutel Goodman & Co Ltd. bought a new position in shares of WK Kellogg in the fourth quarter valued at $13,730,000. Bank of New York Mellon Corp increased its position in shares of WK Kellogg by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 904,699 shares of the company's stock worth $14,891,000 after acquiring an additional 77,262 shares in the last quarter. Finally, Rodgers Brothers Inc. raised its holdings in shares of WK Kellogg by 2,253.3% in 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 during the last quarter. 95.74% of the stock is owned by institutional investors.

WK Kellogg Price Performance

NYSE:KLG traded down $0.46 during trading hours on Monday, hitting $17.91. The stock had a trading volume of 650,028 shares, compared to its average volume of 1,096,552. The company has a 50 day simple moving average of $17.06 and a two-hundred day simple moving average of $18.42. The firm has a market capitalization of $1.54 billion and a price-to-earnings ratio of 13.26. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.83 and a quick ratio of 0.36. 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 quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The business had revenue of $672.00 million for the quarter, compared to the consensus estimate of $671.50 million. WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. WK Kellogg's revenue for the quarter was down 4.0% compared to the same quarter last year. Research analysts forecast that WK Kellogg Co will post 1.5 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Thursday, August 29th.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Stifel Nicolaus decreased their price target on WK Kellogg from $22.00 to $18.00 and set a "hold" rating for the company in a report on Tuesday, July 23rd. Bank of America downgraded WK Kellogg from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $24.00 to $17.00 in a research note on Wednesday, July 10th. Barclays reduced their target price on shares of WK Kellogg from $19.00 to $16.00 and set an "underweight" rating for the company in a research note on Friday, July 19th. Finally, JPMorgan Chase & Co. dropped their price target on shares of WK Kellogg from $22.00 to $17.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. 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, WK Kellogg currently has a consensus rating of "Hold" and an average 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.