Summit Securities Group LLC Acquires New Position in WK Kellogg Co (NYSE:KLG)

Summit Securities Group LLC acquired a new stake in shares of WK Kellogg Co (NYSE:KLG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,876 shares of the company’s stock, valued at approximately $70,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KLG. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of WK Kellogg during the 4th quarter valued at approximately $25,000. SBI Securities Co. Ltd. bought a new stake in WK Kellogg during the 4th quarter valued at $36,000. Wealthfront Advisers LLC purchased a new stake in shares of WK Kellogg during the fourth quarter worth $44,000. GAMMA Investing LLC lifted its position in shares of 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 acquiring an additional 933 shares in the last quarter. Finally, Spire Wealth Management bought a new position in shares of WK Kellogg in the fourth quarter worth $56,000. Institutional investors own 95.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Stifel Nicolaus dropped their price objective on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, January 24th. Barclays lowered 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, January 17th. TD Cowen cut shares of 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 lowered their target price on shares of 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, Morgan Stanley assumed coverage on shares of WK Kellogg in a research report on Monday, March 24th. They set an “underweight” rating and a $18.00 price target for the company. Five equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $17.89.

WK Kellogg Stock Performance

NYSE KLG opened at $19.53 on Monday. WK Kellogg Co has a 52-week low of $15.17 and a 52-week high of $24.63. The company has a fifty day moving average of $18.56 and a 200-day moving average of $18.22. The company has a market capitalization of $1.68 billion, a P/E ratio of 24.10, a P/E/G ratio of 2.01 and a beta of 0.30. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts predict that WK Kellogg Co will post 1.57 EPS for the current fiscal year.

WK Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.165 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.66 annualized dividend and a yield of 3.38%. This is a positive change from WK Kellogg’s previous quarterly dividend of $0.16. WK Kellogg’s dividend payout ratio is currently 81.48%.

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.