Inlet Private Wealth LLC Has $5.49 Million Stake in WK Kellogg Co (NYSE:KLG)

Inlet Private Wealth LLC increased its position in WK Kellogg Co (NYSE:KLG) by 3.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 320,840 shares of the company’s stock after buying an additional 10,300 shares during the period. WK Kellogg accounts for 1.4% of Inlet Private Wealth LLC’s portfolio, making the stock its 23rd largest holding. Inlet Private Wealth LLC’s holdings in WK Kellogg were worth $5,490,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in KLG. GAMMA Investing LLC increased its stake in shares of WK Kellogg by 88.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock worth $32,000 after purchasing an additional 888 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in WK Kellogg in the fourth quarter worth $39,000. EntryPoint Capital LLC acquired a new position in WK Kellogg during the first quarter worth $42,000. Rothschild Investment LLC bought a new position in WK Kellogg during the second quarter valued at about $46,000. Finally, Fisher Asset Management LLC acquired a new stake in shares of WK Kellogg in the fourth quarter worth about $55,000. Institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Performance

Shares of NYSE KLG traded down $0.34 during mid-day trading on Thursday, hitting $17.30. The company had a trading volume of 234,218 shares, compared to its average volume of 1,049,008. WK Kellogg Co has a 12 month low of $9.76 and a 12 month high of $24.63. 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 firm has a market cap of $1.49 billion and a P/E ratio of 12.50. The business’s 50-day simple moving average is $17.48 and its 200-day simple moving average is $18.57.

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

WK Kellogg Dividend Announcement

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 $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date was Thursday, August 29th. WK Kellogg’s dividend payout ratio is 45.71%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stifel Nicolaus lowered their price objective on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Barclays dropped their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, July 19th. JPMorgan Chase & Co. decreased their price target on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Bank of America cut WK Kellogg from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $24.00 to $17.00 in a research report on Wednesday, July 10th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $18.50.

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.