Raymond James Financial Inc. Purchases New Stake in WK Kellogg Co (NYSE:KLG)

Raymond James Financial Inc. acquired a new position in WK Kellogg Co (NYSE:KLG - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 41,886 shares of the company's stock, valued at approximately $754,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Truist Financial Corp grew its holdings in shares of WK Kellogg by 2.2% during the 4th quarter. Truist Financial Corp now owns 39,658 shares of the company's stock worth $713,000 after purchasing an additional 838 shares during the period. GAMMA Investing LLC lifted its position in WK Kellogg by 49.4% in the fourth quarter. GAMMA Investing LLC now owns 2,823 shares of the company's stock valued at $51,000 after buying an additional 933 shares during the last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in WK Kellogg during the fourth quarter worth about $25,000. Jones Financial Companies Lllp increased its position in shares of WK Kellogg by 26.9% during the fourth quarter. Jones Financial Companies Lllp now owns 7,813 shares of the company's stock valued at $141,000 after acquiring an additional 1,657 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of WK Kellogg by 13.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 16,818 shares of the company's stock worth $303,000 after acquiring an additional 1,955 shares during the last quarter. Institutional investors and hedge funds own 95.74% of the company's stock.

WK Kellogg Trading Down 0.8 %

Shares of KLG traded down $0.15 during trading hours on Thursday, hitting $18.80. The stock had a trading volume of 558,670 shares, compared to its average volume of 1,014,895. The company's fifty day simple moving average is $19.10 and its 200 day simple moving average is $18.30. The firm has a market cap of $1.62 billion, a P/E ratio of 23.20, a P/E/G ratio of 2.01 and a beta of 0.39. WK Kellogg Co has a 12-month low of $15.17 and a 12-month high of $24.63. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74.

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WK Kellogg (NYSE:KLG - Get Free Report) last announced its earnings results on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. Equities research analysts forecast that WK Kellogg Co will post 1.57 EPS for the current fiscal year.

WK Kellogg Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a $0.165 dividend. This is a boost from WK Kellogg's previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend was Friday, February 28th. WK Kellogg's dividend payout ratio is presently 81.48%.

Wall Street Analysts Forecast Growth

KLG has been the subject of several recent research reports. Stifel Nicolaus decreased their price target on shares of WK Kellogg from $19.00 to $18.00 and set a "hold" rating for the company in a research report on Friday, January 24th. Barclays cut their price target on shares of WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a research note on Friday, January 17th. TD Cowen cut WK Kellogg from a "hold" rating to a "sell" rating and reduced their price objective for the company from $18.00 to $16.00 in a research note on Wednesday, January 8th. Jefferies Financial Group reduced their target price on shares of WK Kellogg from $19.00 to $16.00 and set a "hold" rating for the company in a report on Tuesday, January 28th. Finally, Morgan Stanley started coverage on WK Kellogg in a report on Monday, March 24th. They set an "underweight" rating and a $18.00 price target for the company. Five research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat.com, WK Kellogg currently has an average rating of "Reduce" and an average target price of $17.89.

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.