American Century Companies Inc. Cuts Holdings in WK Kellogg Co (NYSE:KLG)

American Century Companies Inc. reduced its position in WK Kellogg Co (NYSE:KLG) by 14.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,265,617 shares of the company’s stock after selling 391,927 shares during the period. American Century Companies Inc. owned 2.64% of WK Kellogg worth $37,292,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kellogg W K Foundation Trust bought a new position in shares of WK Kellogg during the 4th quarter valued at approximately $177,458,000. Bank of New York Mellon Corp lifted its position in WK Kellogg by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 904,699 shares of the company’s stock valued at $14,891,000 after purchasing an additional 77,262 shares during the last quarter. Rodgers Brothers Inc. grew its stake in shares of WK Kellogg by 2,253.3% in the 1st quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company’s stock worth $11,721,000 after buying an additional 596,975 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of WK Kellogg by 1,876.1% in the 1st quarter. Jupiter Asset Management Ltd. now owns 531,108 shares of the company’s stock worth $9,985,000 after buying an additional 504,232 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of WK Kellogg during the 1st quarter valued at about $8,998,000. 95.74% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on KLG shares. Stifel Nicolaus dropped their price target on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Bank of America downgraded WK Kellogg from a “neutral” rating to an “underperform” rating and cut their target price for the company from $24.00 to $17.00 in a research report on Wednesday, July 10th. Barclays lowered their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, July 19th. Finally, JPMorgan Chase & Co. reduced their target price on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, WK Kellogg has a consensus rating of “Hold” and an average target price of $17.40.

WK Kellogg Price Performance

WK Kellogg stock opened at $18.17 on Wednesday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.83 and a quick ratio of 0.36. The stock has a market cap of $1.56 billion and a price-to-earnings ratio of 12.03. The firm has a 50-day moving average of $17.14 and a two-hundred day moving average of $18.47. WK Kellogg Co has a 1 year low of $9.65 and a 1 year high of $24.63.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The firm had revenue of $672.00 million during the quarter, compared to the consensus estimate of $671.50 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. WK Kellogg’s quarterly revenue was down 4.0% compared to the same quarter last year. On average, research analysts forecast that WK Kellogg Co will post 1.5 earnings per share for the current year.

WK Kellogg Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.52%. WK Kellogg’s dividend payout ratio is presently 42.38%.

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.