Canada Pension Plan Investment Board Buys New Position in WK Kellogg Co (NYSE:KLG)

Canada Pension Plan Investment Board purchased a new position in shares of WK Kellogg Co (NYSE:KLG) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 5,200 shares of the company’s stock, valued at approximately $94,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of KLG. Halbert Hargrove Global Advisors LLC bought a new position in WK Kellogg during the fourth quarter worth $25,000. SBI Securities Co. Ltd. bought a new position in shares of WK Kellogg in the 4th quarter worth about $36,000. Wealthfront Advisers LLC acquired a new position in shares of WK Kellogg in the 4th quarter valued at about $44,000. GAMMA Investing LLC boosted its position in shares of WK Kellogg by 49.4% during the 4th quarter. GAMMA Investing LLC now owns 2,823 shares of the company’s stock valued at $51,000 after purchasing an additional 933 shares in the last quarter. Finally, Spire Wealth Management acquired a new stake in WK Kellogg during the fourth quarter worth approximately $56,000. Institutional investors and hedge funds own 95.74% of the company’s stock.

WK Kellogg Price Performance

KLG stock opened at $17.86 on Friday. The company has a market capitalization of $1.54 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 2.01 and a beta of 0.39. WK Kellogg Co has a 52-week low of $15.17 and a 52-week high of $24.56. The business has a 50-day simple moving average of $19.39 and a two-hundred day simple moving average of $18.43. 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 announced 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%. Research analysts expect 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. Stockholders of record on Friday, February 28th were issued a $0.165 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.66 annualized dividend and a dividend yield of 3.70%. 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 analysts have issued reports on KLG shares. Morgan Stanley began coverage on WK Kellogg in a report on Monday, March 24th. They set an “underweight” rating and a $18.00 price target on the stock. Barclays reduced their price target on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Stifel Nicolaus dropped their price objective on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, January 24th. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and reduced their target price for the company from $18.00 to $16.00 in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group dropped their price target 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. Five analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $17.89.

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.