Summit Securities Group LLC Buys New Position in WK Kellogg Co (NYSE:KLG)

Summit Securities Group LLC purchased a new stake in WK Kellogg Co (NYSE:KLG) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,876 shares of the company’s stock, valued at approximately $70,000.

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

WK Kellogg Stock Performance

Shares of KLG opened at $19.53 on Monday. The stock has a 50 day moving average of $18.56 and a 200 day moving average of $18.22. 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 Co has a 12 month low of $15.17 and a 12 month high of $24.63. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 2.01 and a beta of 0.30.

WK Kellogg (NYSE:KLG) last released its earnings results on Tuesday, February 11th. The company reported $0.42 EPS 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%. As a group, sell-side analysts forecast that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 3.38%. This is a boost from WK Kellogg’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 28th. WK Kellogg’s payout ratio is presently 81.48%.

Wall Street Analyst Weigh In

A number of brokerages have commented on KLG. Barclays decreased their price target on shares of 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 lowered their target price on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Morgan Stanley began coverage on WK Kellogg in a research note on Monday, March 24th. They set an “underweight” rating and a $18.00 price target for the company. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $18.00 to $16.00 in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus cut their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, January 24th. Five investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat, WK Kellogg presently has an average rating of “Reduce” and a consensus target price of $17.89.

WK Kellogg Company 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.