InterOcean Capital Group LLC Lowers Holdings in WK Kellogg Co (NYSE:KLG)

InterOcean Capital Group LLC decreased its holdings in WK Kellogg Co (NYSE:KLG) by 81.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,006 shares of the company’s stock after selling 93,934 shares during the quarter. InterOcean Capital Group LLC’s holdings in WK Kellogg were worth $414,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. purchased a new position in WK Kellogg in the fourth quarter worth approximately $4,461,000. Lincoln Capital Corp purchased a new position in WK Kellogg in the fourth quarter worth approximately $1,026,000. Nordea Investment Management AB purchased a new position in WK Kellogg in the fourth quarter worth approximately $2,119,000. Royal London Asset Management Ltd. purchased a new position in WK Kellogg in the fourth quarter worth approximately $695,000. Finally, Rip Road Capital Partners LP purchased a new position in WK Kellogg in the fourth quarter worth approximately $3,999,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on KLG shares. Evercore ISI raised their price objective on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, May 8th. BNP Paribas cut shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 price objective on the stock. in a report on Wednesday, May 8th. TD Cowen raised their price objective on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, May 8th. Bank of America cut shares of WK Kellogg from a “neutral” rating to an “underperform” rating and cut their target price for the company from $24.00 to $17.00 in a report on Wednesday, July 10th. Finally, Barclays cut their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, July 19th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.80.

WK Kellogg Price Performance

NYSE:KLG traded up $0.95 during midday trading on Thursday, reaching $17.49. The stock had a trading volume of 1,565,555 shares, compared to its average volume of 1,127,786. The firm has a fifty day simple moving average of $17.74 and a two-hundred day simple moving average of $17.41. WK Kellogg Co has a 12-month low of $9.65 and a 12-month high of $24.63. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.43 and a current ratio of 0.84.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.37 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.37. The firm had revenue of $707.00 million during the quarter, compared to analysts’ expectations of $697.83 million. The company’s revenue for the quarter was down .7% on a year-over-year basis. On average, sell-side analysts predict that WK Kellogg Co will post 1.54 earnings per share for the current year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.64 annualized dividend and a dividend yield of 3.66%.

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.