Mitsubishi UFJ Trust & Banking Corp Raises Position in WK Kellogg Co (NYSE:KLG)

Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of WK Kellogg Co (NYSE:KLG) by 5.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 39,822 shares of the company’s stock after buying an additional 2,032 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in WK Kellogg were worth $716,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in shares of WK Kellogg by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company’s stock worth $19,036,000 after purchasing an additional 79,808 shares in the last quarter. MetLife Investment Management LLC increased its stake in WK Kellogg by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 38,262 shares of the company’s stock worth $655,000 after buying an additional 21,559 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in WK Kellogg by 6.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 305,058 shares of the company’s stock worth $5,220,000 after buying an additional 18,016 shares during the period. Verition Fund Management LLC lifted its holdings in WK Kellogg by 563.8% in the 3rd 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 in the last quarter. Finally, HighTower Advisors LLC purchased a new position in WK Kellogg in the 3rd quarter valued at about $254,000. 95.74% of the stock is owned by institutional investors and hedge funds.

WK Kellogg Price Performance

Shares of NYSE:KLG opened at $20.13 on Wednesday. The company has a market cap of $1.73 billion, a PE ratio of 24.85, a P/E/G ratio of 2.01 and a beta of 0.29. WK Kellogg Co has a fifty-two week low of $15.17 and a fifty-two week high of $24.63. The firm has a 50-day simple moving average of $18.70 and a 200 day simple moving average of $18.24. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45.

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

WK Kellogg Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued 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 was Friday, February 28th. This represents a $0.66 annualized dividend and a dividend yield of 3.28%. WK Kellogg’s payout ratio is 81.48%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on KLG. Barclays cut their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, January 17th. Morgan Stanley initiated coverage on WK Kellogg in a research note on Monday, March 24th. They set an “underweight” rating and a $18.00 target price for the company. Stifel Nicolaus dropped their price target on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Friday, January 24th. TD Cowen downgraded shares of WK Kellogg from a “hold” rating to a “sell” rating and reduced their price objective for the company from $18.00 to $16.00 in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group dropped their target price on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Five investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat, WK Kellogg has a consensus rating of “Reduce” and a consensus target price 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.