Allspring Global Investments Holdings LLC Acquires New Position in WK Kellogg Co (NYSE:KLG)

Allspring Global Investments Holdings LLC bought a new position in shares of WK Kellogg Co (NYSE:KLG) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 105,579 shares of the company’s stock, valued at approximately $1,387,000. Allspring Global Investments Holdings LLC owned 0.12% of WK Kellogg as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Lincoln Capital Corp bought a new position in WK Kellogg in the 4th quarter worth approximately $1,026,000. Nordea Investment Management AB purchased a new position in shares of WK Kellogg in the fourth quarter valued at $2,119,000. Oak Thistle LLC bought a new stake in shares of WK Kellogg during the 4th quarter valued at $1,721,000. Salem Investment Counselors Inc. purchased a new stake in WK Kellogg during the 4th quarter worth about $2,319,000. Finally, North Star Investment Management Corp. bought a new position in WK Kellogg in the 4th quarter worth about $470,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

WK Kellogg Stock Up 3.7 %

NYSE KLG opened at $22.01 on Tuesday. The company has a quick ratio of 0.43, a current ratio of 0.84 and a debt-to-equity ratio of 1.62. WK Kellogg Co has a 52-week low of $9.65 and a 52-week high of $22.08. The company has a fifty day moving average of $17.41 and a 200-day moving average of $13.85.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). The firm had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $645.87 million. WK Kellogg’s revenue was down 2.7% compared to the same quarter last year. On average, research analysts forecast that WK Kellogg Co will post 1.51 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.16 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.91%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KLG. Barclays increased their price target on shares of WK Kellogg from $12.00 to $15.00 and gave the stock an “underweight” rating in a report on Friday, April 12th. Stifel Nicolaus boosted their price target on shares of WK Kellogg from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Thursday, January 25th. Two analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, WK Kellogg currently has a consensus rating of “Hold” and an average target price of $12.75.

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.