Gabelli Funds LLC Buys 4,450 Shares of WK Kellogg Co (NYSE:KLG)

Gabelli Funds LLC raised its stake in WK Kellogg Co (NYSE:KLG) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,025 shares of the company’s stock after purchasing an additional 4,450 shares during the period. Gabelli Funds LLC owned 0.06% of WK Kellogg worth $1,016,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Eukles Asset Management bought a new stake in WK Kellogg in the fourth quarter valued at $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of WK Kellogg during the fourth quarter worth about $26,000. Toth Financial Advisory Corp bought a new stake in shares of WK Kellogg during the fourth quarter worth about $26,000. Canal Insurance CO bought a new stake in shares of WK Kellogg during the fourth quarter worth about $26,000. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of WK Kellogg during the fourth quarter worth about $27,000. 95.74% of the stock is owned by institutional investors.

WK Kellogg Stock Performance

KLG traded down $0.16 during midday trading on Friday, reaching $17.33. The company had a trading volume of 986,934 shares, compared to its average volume of 1,378,501. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.43 and a current ratio of 0.84. The stock has a market cap of $1.49 billion and a PE ratio of 10.70. WK Kellogg Co has a 12-month low of $9.65 and a 12-month high of $24.63. The business has a 50-day moving average price of $17.59 and a two-hundred day moving average price of $17.46.

WK Kellogg (NYSE:KLG) last released its earnings results on Tuesday, May 7th. The company reported $0.37 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.37. The company had revenue of $707.00 million during the quarter, compared to analysts’ expectations of $697.83 million. The company’s revenue for the quarter was down .7% compared to the same quarter last year. On average, sell-side analysts expect that WK Kellogg Co will post 1.54 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Friday, May 31st. WK Kellogg’s payout ratio is 39.51%.

Wall Street Analyst Weigh In

Several research firms have recently commented on KLG. Stifel Nicolaus decreased their target price on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. TD Cowen boosted their target price on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. BNP Paribas downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 target price for the company. in a research report on Wednesday, May 8th. Evercore ISI boosted their price target on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, May 8th. Finally, 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 report on Friday, July 19th. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.80.

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.