Spire Wealth Management Sells 1,476 Shares of WK Kellogg Co. (NYSE:KLG)

Spire Wealth Management reduced its stake in shares of WK Kellogg Co. (NYSE:KLG) by 47.5% in the first quarter, Holdings Channel reports. The fund owned 1,629 shares of the company’s stock after selling 1,476 shares during the quarter. Spire Wealth Management’s holdings in WK Kellogg were worth $32,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital International Investors raised its holdings in shares of WK Kellogg by 149.8% in the 4th quarter. Capital International Investors now owns 4,186,763 shares of the company’s stock worth $75,320,000 after purchasing an additional 2,510,779 shares during the period. Jupiter Asset Management Ltd. grew its holdings in WK Kellogg by 172.9% during the fourth quarter. Jupiter Asset Management Ltd. now owns 2,494,881 shares of the company’s stock valued at $44,883,000 after purchasing an additional 1,580,704 shares during the period. Wellington Management Group LLP purchased a new stake in WK Kellogg in the fourth quarter worth $14,737,000. LSV Asset Management raised its stake in shares of WK Kellogg by 572.9% in the fourth quarter. LSV Asset Management now owns 798,571 shares of the company’s stock valued at $14,366,000 after buying an additional 679,888 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of 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 period. 95.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Morgan Stanley assumed coverage on WK Kellogg in a report on Monday, March 24th. They issued an “underweight” rating and a $18.00 price objective for the company. Four research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat, WK Kellogg presently has a consensus rating of “Reduce” and an average price target of $16.86.

WK Kellogg Trading Up 5.0%

Shares of KLG opened at $17.91 on Thursday. WK Kellogg Co. has a twelve month low of $14.80 and a twelve month high of $22.21. The stock has a market cap of $1.54 billion, a PE ratio of 27.98, a P/E/G ratio of 1.84 and a beta of 0.23. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.54. The business’s 50-day moving average price is $16.81 and its 200-day moving average price is $17.85.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.21). WK Kellogg had a net margin of 2.14% and a return on equity of 34.88%. The firm had revenue of $667.00 million for the quarter, compared to analysts’ expectations of $677.91 million. During the same period in the prior year, the firm posted $0.37 EPS. WK Kellogg’s revenue was down 6.2% on a year-over-year basis. On average, equities analysts forecast that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $0.165 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.66 annualized dividend and a dividend yield of 3.69%. WK Kellogg’s payout ratio is currently 103.13%.

WK Kellogg 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.