Raymond James Financial Inc. Purchases Shares of 41,886 WK Kellogg Co (NYSE:KLG)

Raymond James Financial Inc. acquired a new position in shares of WK Kellogg Co (NYSE:KLG) in the 4th quarter, Holdings Channel reports. The fund acquired 41,886 shares of the company’s stock, valued at approximately $754,000.

A number of other large investors have also recently made changes to their positions in the stock. SPC Financial Inc. purchased a new stake in WK Kellogg during the 4th quarter valued at about $195,000. Victory Capital Management Inc. boosted its position in WK Kellogg by 1,217.5% in the fourth quarter. Victory Capital Management Inc. now owns 233,997 shares of the company’s stock valued at $4,210,000 after buying an additional 216,236 shares during the last quarter. Keybank National Association OH increased its holdings in WK Kellogg by 1.1% in the 4th quarter. Keybank National Association OH now owns 4,925,470 shares of the company’s stock worth $88,609,000 after buying an additional 52,129 shares during the period. Charles Schwab Investment Management Inc. raised its position in WK Kellogg by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,240,046 shares of the company’s stock worth $22,308,000 after buying an additional 127,488 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in WK Kellogg during the 4th quarter valued at approximately $36,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KLG has been the topic of a number of research reports. Morgan Stanley assumed coverage on shares of WK Kellogg in a research note on Monday, March 24th. They issued an “underweight” rating and a $18.00 price objective on the stock. 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 report on Friday, January 17th. TD Cowen cut WK Kellogg from a “hold” rating to a “sell” rating and decreased their price objective for the company from $18.00 to $16.00 in a report on Wednesday, January 8th. Jefferies Financial Group dropped their target price on WK Kellogg from $19.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Finally, Stifel Nicolaus decreased their price target on WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, January 24th. Five research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $17.89.

WK Kellogg Price Performance

Shares of WK Kellogg stock opened at $19.29 on Friday. The firm has a market cap of $1.66 billion, a PE ratio of 23.81, a P/E/G ratio of 2.01 and a beta of 0.29. The business has a 50-day moving average price of $18.88 and a 200 day moving average price of $18.28. 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 Co has a twelve month low of $15.17 and a twelve month high of $24.63.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating 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%. Sell-side analysts predict that WK Kellogg Co will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from WK Kellogg’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 3.42%. WK Kellogg’s dividend payout ratio is currently 81.48%.

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.