Teacher Retirement System of Texas Boosts Stock Position in WK Kellogg Co. $KLG

Teacher Retirement System of Texas grew its stake in shares of WK Kellogg Co. (NYSE:KLG) by 216.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 538,745 shares of the company’s stock after acquiring an additional 368,674 shares during the period. Teacher Retirement System of Texas owned 0.62% of WK Kellogg worth $8,588,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in KLG. Cambridge Investment Research Advisors Inc. boosted its stake in WK Kellogg by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company’s stock valued at $214,000 after buying an additional 733 shares during the period. Oppenheimer & Co. Inc. boosted its stake in WK Kellogg by 110.6% during the first quarter. Oppenheimer & Co. Inc. now owns 26,994 shares of the company’s stock valued at $538,000 after buying an additional 14,175 shares during the period. Vanguard Group Inc. boosted its stake in WK Kellogg by 4.6% during the first quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company’s stock valued at $112,414,000 after buying an additional 245,555 shares during the period. LSV Asset Management boosted its stake in WK Kellogg by 280.5% during the first quarter. LSV Asset Management now owns 3,038,537 shares of the company’s stock valued at $60,558,000 after buying an additional 2,239,966 shares during the period. Finally, LPL Financial LLC boosted its stake in WK Kellogg by 78.9% during the first quarter. LPL Financial LLC now owns 71,025 shares of the company’s stock valued at $1,416,000 after buying an additional 31,316 shares during the period. Hedge funds and other institutional investors own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on KLG. Evercore ISI lifted their price objective on WK Kellogg from $19.00 to $23.00 and gave the company an “in-line” rating in a research note on Friday, July 11th. Barclays reissued an “underweight” rating and set a $23.00 price objective (up previously from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. Weiss Ratings reissued a “hold (c)” rating on shares of WK Kellogg in a research note on Saturday, September 27th. BNP Paribas set a $23.00 price objective on WK Kellogg in a research note on Friday, July 11th. Finally, Cowen upgraded WK Kellogg from a “sell” rating to a “hold” rating in a research report on Friday, July 11th. Nine investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $20.88.

WK Kellogg Stock Performance

NYSE KLG opened at $23.00 on Thursday. The stock’s 50-day simple moving average is $22.99 and its two-hundred day simple moving average is $20.44. WK Kellogg Co. has a twelve month low of $14.80 and a twelve month high of $23.56. The company has a quick ratio of 0.47, a current ratio of 0.99 and a debt-to-equity ratio of 1.97. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 62.16 and a beta of 0.24.

WK Kellogg (NYSE:KLG) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The firm had revenue of $611.52 million for the quarter, compared to analysts’ expectations of $653.36 million. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. Research analysts forecast that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

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.