Alberta Investment Management Corp Purchases Shares of 112,400 WK Kellogg Co (NYSE:KLG)

Alberta Investment Management Corp acquired a new position in shares of WK Kellogg Co (NYSE:KLG) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 112,400 shares of the company’s stock, valued at approximately $2,022,000. Alberta Investment Management Corp owned 0.13% of WK Kellogg at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Truist Financial Corp raised its holdings in WK Kellogg by 2.2% in the fourth quarter. Truist Financial Corp now owns 39,658 shares of the company’s stock valued at $713,000 after acquiring an additional 838 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of WK Kellogg by 3.3% in the 4th quarter. Principal Financial Group Inc. now owns 323,586 shares of the company’s stock valued at $5,821,000 after purchasing an additional 10,243 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of WK Kellogg by 8.3% in the 4th quarter. New York State Teachers Retirement System now owns 83,393 shares of the company’s stock valued at $1,500,000 after purchasing an additional 6,395 shares during the last quarter. Spire Wealth Management acquired a new stake in shares of WK Kellogg in the 4th quarter valued at $56,000. Finally, Inlet Private Wealth LLC grew its stake in shares of WK Kellogg by 1.0% during the fourth quarter. Inlet Private Wealth LLC now owns 324,040 shares of the company’s stock worth $5,829,000 after purchasing an additional 3,200 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KLG has been the subject of a number of recent analyst reports. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and decreased their price target for the stock from $18.00 to $16.00 in a report on Wednesday, January 8th. Barclays decreased their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, January 17th. Jefferies Financial Group dropped their price target 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, Stifel Nicolaus reduced their price objective on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, January 24th. Four investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.88.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $20.00 on Friday. The stock has a market cap of $1.72 billion, a P/E ratio of 24.69, a P/E/G ratio of 2.02 and a beta of 0.70. WK Kellogg Co has a twelve month low of $14.36 and a twelve month high of $24.63. The stock has a 50 day moving average of $17.49 and a two-hundred day moving average of $17.78. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45.

WK Kellogg (NYSE:KLG) last released its quarterly earnings results on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. On average, research analysts forecast that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.165 per share. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 28th. This represents a $0.66 annualized dividend and a dividend yield of 3.30%. WK Kellogg’s dividend payout ratio is 79.01%.

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.