JPMorgan Chase & Co. Boosts Position in WK Kellogg Co (NYSE:KLG)

JPMorgan Chase & Co. grew its holdings in WK Kellogg Co (NYSE:KLG) by 69.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 313,182 shares of the company’s stock after acquiring an additional 127,984 shares during the period. JPMorgan Chase & Co.’s holdings in WK Kellogg were worth $5,359,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Captrust Financial Advisors lifted its position in WK Kellogg by 12,352.1% during the third quarter. Captrust Financial Advisors now owns 1,516,417 shares of the company’s stock valued at $25,946,000 after purchasing an additional 1,504,239 shares during the period. AQR Capital Management LLC raised its stake in shares of WK Kellogg by 579.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock valued at $23,107,000 after buying an additional 1,197,133 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of WK Kellogg by 124.5% in the 2nd quarter. Renaissance Technologies LLC now owns 538,600 shares of the company’s stock valued at $8,865,000 after buying an additional 298,700 shares during the period. Verition Fund Management LLC boosted its stake in shares of WK Kellogg by 563.8% in the third quarter. Verition Fund Management LLC now owns 333,321 shares of the company’s stock worth $5,703,000 after buying an additional 283,104 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in WK Kellogg by 31.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,124,503 shares of the company’s stock worth $19,240,000 after acquiring an additional 266,877 shares during the period. Institutional investors and hedge funds own 95.74% of the company’s stock.

Insider Transactions at WK Kellogg

In other news, Director G Zachary Gund purchased 65,000 shares of the stock in a transaction dated Thursday, November 14th. The shares were purchased at an average cost of $17.76 per share, with a total value of $1,154,400.00. Following the completion of the purchase, the director now directly owns 195,000 shares of the company’s stock, valued at approximately $3,463,200. The trade was a 50.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.90% of the company’s stock.

WK Kellogg Stock Performance

Shares of KLG stock opened at $15.80 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.49. WK Kellogg Co has a 12-month low of $12.32 and a 12-month high of $24.63. The business’s 50 day moving average is $18.54 and its two-hundred day moving average is $17.66. The company has a market capitalization of $1.36 billion, a P/E ratio of 20.26 and a beta of 0.72.

WK Kellogg (NYSE:KLG) last announced its earnings results on Thursday, November 7th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The firm had revenue of $689.00 million for the quarter, compared to analyst estimates of $674.10 million. During the same quarter last year, the firm posted $0.49 EPS. The business’s revenue was down .4% on a year-over-year basis. Analysts expect that WK Kellogg Co will post 1.49 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a $0.16 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 4.05%. WK Kellogg’s dividend payout ratio (DPR) is 82.05%.

Analyst Ratings Changes

A number of research analysts have issued reports on KLG shares. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and decreased their price target for the company from $18.00 to $16.00 in a report on Wednesday, January 8th. Barclays lifted their target price on shares of WK Kellogg from $16.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Four investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg presently has a consensus rating of “Reduce” and an average price target of $18.57.

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.