Wellington Management Group LLP Invests $14.74 Million in WK Kellogg Co (NYSE:KLG)

Wellington Management Group LLP bought a new stake in WK Kellogg Co (NYSE:KLG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 819,201 shares of the company's stock, valued at approximately $14,737,000. Wellington Management Group LLP owned approximately 0.95% of WK Kellogg at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

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

WK Kellogg Stock Up 0.3 %

WK Kellogg stock traded up $0.06 on Monday, hitting $19.52. 15,290 shares of the stock traded hands, compared to its average volume of 1,007,755. The business's fifty day simple moving average is $19.16 and its 200 day simple moving average is $18.32. WK Kellogg Co has a 1 year low of $15.17 and a 1 year high of $24.63. The firm has a market cap of $1.68 billion, a P/E ratio of 24.12, a price-to-earnings-growth ratio of 2.01 and a beta of 0.39. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45.

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

WK Kellogg Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from WK Kellogg's previous quarterly dividend of $0.16. WK Kellogg's dividend payout ratio (DPR) is currently 81.48%.

WK Kellogg Company 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.