Jacobs Levy Equity Management Inc. Takes $9 Million Position in WK Kellogg Co (NYSE:KLG)

Jacobs Levy Equity Management Inc. acquired a new stake in shares of WK Kellogg Co (NYSE:KLG) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 478,605 shares of the company’s stock, valued at approximately $8,998,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Kellogg W K Foundation Trust bought a new position in shares of WK Kellogg during the 4th quarter valued at $177,458,000. Massachusetts Financial Services Co. MA bought a new position in shares of WK Kellogg during the 4th quarter valued at $18,412,000. Beutel Goodman & Co Ltd. bought a new position in shares of WK Kellogg during the 4th quarter valued at $13,730,000. London & Capital Asset Management Ltd bought a new position in shares of WK Kellogg during the 4th quarter valued at $10,363,000. Finally, Private Management Group Inc. bought a new position in shares of WK Kellogg during the 4th quarter valued at $8,956,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

WK Kellogg Trading Up 0.3 %

Shares of KLG traded up $0.06 during trading hours on Tuesday, reaching $17.37. 1,012,878 shares of the company traded hands, compared to its average volume of 1,124,280. The company’s fifty day moving average price is $17.52 and its two-hundred day moving average price is $17.52. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.53. WK Kellogg Co has a 12 month low of $9.65 and a 12 month high of $24.63.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.37 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.37. The business had revenue of $707.00 million for the quarter, compared to analysts’ expectations of $697.83 million. WK Kellogg’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts predict that WK Kellogg Co will post 1.54 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.64 dividend on an annualized basis and a yield of 3.68%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Evercore ISI increased their target price on shares of WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, May 8th. Stifel Nicolaus cut their price target on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. TD Cowen raised their price target on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, May 8th. 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. Finally, Bank of America lowered shares of WK Kellogg from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $24.00 to $17.00 in a report on Wednesday, July 10th. Four investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $16.80.

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.