California State Teachers Retirement System Lowers Stock Position in WK Kellogg Co (NYSE:KLG)

California State Teachers Retirement System cut its position in shares of WK Kellogg Co (NYSE:KLG) by 10.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 68,484 shares of the company’s stock after selling 8,125 shares during the period. California State Teachers Retirement System owned 0.08% of WK Kellogg worth $1,287,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Eukles Asset Management purchased a new position in WK Kellogg during the fourth quarter valued at $25,000. Benjamin F. Edwards & Company Inc. purchased a new position in WK Kellogg during the fourth quarter valued at $26,000. Brown Brothers Harriman & Co. purchased a new position in WK Kellogg during the fourth quarter valued at $27,000. EntryPoint Capital LLC purchased a new position in WK Kellogg during the first quarter valued at $42,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in WK Kellogg during the fourth quarter valued at $31,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

WK Kellogg Price Performance

WK Kellogg stock opened at $16.81 on Tuesday. WK Kellogg Co has a 12-month low of $9.65 and a 12-month high of $24.63. The stock has a market cap of $1.44 billion and a P/E ratio of 10.38. The company has a 50-day moving average price of $17.09 and a 200 day moving average price of $17.77. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.53.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $672.00 million for the quarter, compared to analysts’ expectations of $671.50 million. The firm’s revenue was down 4.0% compared to the same quarter last year. Sell-side analysts anticipate that WK Kellogg Co will post 1.53 earnings per share for the current year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Thursday, August 29th. WK Kellogg’s dividend payout ratio (DPR) is presently 39.51%.

Analysts Set New Price Targets

KLG has been the topic of several recent analyst reports. TD Cowen increased their price objective on shares of WK Kellogg from $13.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. Barclays reduced their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, July 19th. JPMorgan Chase & Co. reduced their target price on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Bank of America cut shares of WK Kellogg from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $24.00 to $17.00 in a research report on Wednesday, July 10th. Finally, Evercore ISI increased their target price on shares of WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, May 8th. Four analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, WK Kellogg presently has an average rating of “Hold” and an average price target of $17.40.

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.