Corebridge Financial Inc. Sells 2,722 Shares of WK Kellogg Co (NYSE:KLG)

Corebridge Financial Inc. trimmed its stake in shares of WK Kellogg Co (NYSE:KLG) by 7.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,957 shares of the company’s stock after selling 2,722 shares during the period. Corebridge Financial Inc.’s holdings in WK Kellogg were worth $629,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in KLG. Truist Financial Corp grew its position in WK Kellogg by 2.2% in the 4th quarter. Truist Financial Corp now owns 39,658 shares of the company’s stock worth $713,000 after purchasing an additional 838 shares during the period. GAMMA Investing LLC boosted its stake in shares of WK Kellogg by 49.4% in the 4th quarter. GAMMA Investing LLC now owns 2,823 shares of the company’s stock worth $51,000 after buying an additional 933 shares during the last quarter. Halbert Hargrove Global Advisors LLC bought a new stake in shares of WK Kellogg in the fourth quarter worth $25,000. Jones Financial Companies Lllp increased its position in WK Kellogg by 26.9% during the fourth quarter. Jones Financial Companies Lllp now owns 7,813 shares of the company’s stock valued at $141,000 after acquiring an additional 1,657 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in WK Kellogg by 13.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,818 shares of the company’s stock valued at $303,000 after acquiring an additional 1,955 shares during the period. Institutional investors own 95.74% of the company’s stock.

Wall Street Analysts Forecast Growth

KLG has been the subject of several research reports. Stifel Nicolaus reduced 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 report on Friday, January 24th. Morgan Stanley assumed coverage on shares of WK Kellogg in a research note on Monday, March 24th. They set an “underweight” rating and a $18.00 price target on the stock. Jefferies Financial Group reduced their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and lowered their target price for the company from $18.00 to $16.00 in a research report on Wednesday, January 8th. Finally, Barclays cut their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Five investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $17.89.

WK Kellogg Trading Down 3.9 %

Shares of KLG stock opened at $18.52 on Tuesday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74. The stock has a fifty day simple moving average of $18.89 and a two-hundred day simple moving average of $18.28. The firm has a market capitalization of $1.60 billion, a PE ratio of 22.86, a PEG ratio of 2.01 and a beta of 0.39. WK Kellogg Co has a 52-week low of $15.17 and a 52-week high of $24.63.

WK Kellogg (NYSE:KLG) last released its earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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, analysts predict that WK Kellogg Co will post 1.57 EPS for the current fiscal year.

WK Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend was Friday, February 28th. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16. WK Kellogg’s payout ratio is 81.48%.

About WK Kellogg

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.