Jupiter Asset Management Ltd. Raises Stake in WK Kellogg Co (NYSE:KLG)

Jupiter Asset Management Ltd. increased its stake in WK Kellogg Co (NYSE:KLG) by 172.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,494,881 shares of the company’s stock after buying an additional 1,580,704 shares during the quarter. Jupiter Asset Management Ltd. owned 2.90% of WK Kellogg worth $44,883,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Truist Financial Corp boosted its holdings 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 worth $713,000 after buying an additional 838 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of WK Kellogg by 49.4% in the 4th 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 purchased a new position in shares of WK Kellogg in the 4th quarter worth about $25,000. Jones Financial Companies Lllp boosted 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 buying an additional 1,657 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted 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 buying an additional 1,955 shares during the last quarter. 95.74% of the stock is owned by hedge funds and other institutional investors.

WK Kellogg Stock Performance

NYSE:KLG opened at $21.21 on Wednesday. The firm has a market cap of $1.83 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 2.01 and a beta of 0.30. WK Kellogg Co has a fifty-two week low of $14.54 and a fifty-two week 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. The business has a 50 day moving average price of $17.85 and a 200-day moving average price of $18.07.

WK Kellogg (NYSE:KLG) last announced its earnings results on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates 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 predict that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, February 28th. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16. WK Kellogg’s dividend payout ratio is currently 81.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on KLG shares. Stifel Nicolaus lowered their price objective on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, January 24th. TD Cowen cut WK Kellogg from a “hold” rating to a “sell” rating and lowered their price objective for the company from $18.00 to $16.00 in a research note on Wednesday, January 8th. Jefferies Financial Group lowered their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. Finally, Barclays lowered their price objective on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, January 17th. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.88.

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.