WK Kellogg (NYSE:KLG) Shares Gap Up on Insider Buying Activity

WK Kellogg Co (NYSE:KLG) shares gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $17.18, but opened at $17.72. WK Kellogg shares last traded at $17.23, with a volume of 206,579 shares traded.

Specifically, Director G Zachary Gund bought 65,000 shares of the stock in a transaction dated Thursday, November 14th. The shares were acquired at an average cost of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the transaction, the director now owns 195,000 shares in the company, valued at approximately $3,463,200. The trade was a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Zachary Gund purchased 65,000 shares of WK Kellogg stock in a transaction that occurred on Tuesday, November 12th. The stock was acquired at an average price of $17.94 per share, with a total value of $1,166,100.00. Following the transaction, the director now owns 65,000 shares in the company, valued at $1,166,100. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

A number of research analysts have commented on KLG shares. Barclays lifted their price objective on shares of WK Kellogg from $16.00 to $19.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Stifel Nicolaus reduced their price objective on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. lowered their target price on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, WK Kellogg currently has a consensus rating of “Hold” and an average price target of $18.88.

WK Kellogg Stock Up 0.3 %

The firm has a fifty day moving average price of $17.54 and a 200 day moving average price of $18.01. The firm has a market capitalization of $1.48 billion and a price-to-earnings ratio of 22.18. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78.

WK Kellogg (NYSE:KLG) last released its earnings results on Thursday, November 7th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company had revenue of $689.00 million during the quarter, compared to the consensus estimate of $674.10 million. During the same quarter last year, the company earned $0.49 earnings per share. WK Kellogg’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts expect that WK Kellogg Co will post 1.49 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 3.71%. WK Kellogg’s payout ratio is currently 82.05%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in WK Kellogg by 406.6% in the 3rd quarter. Barclays PLC now owns 128,710 shares of the company’s stock valued at $2,202,000 after acquiring an additional 103,301 shares during the last quarter. Stifel Financial Corp increased its stake in shares of WK Kellogg by 107.3% during the 3rd quarter. Stifel Financial Corp now owns 28,409 shares of the company’s stock worth $486,000 after purchasing an additional 14,705 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of WK Kellogg by 31.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,124,503 shares of the company’s stock worth $19,240,000 after purchasing an additional 266,877 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of WK Kellogg by 72.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 542,570 shares of the company’s stock worth $9,283,000 after purchasing an additional 227,730 shares during the last quarter. Finally, HighTower Advisors LLC purchased a new stake in WK Kellogg in the 3rd quarter valued at approximately $254,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

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.