Polar Asset Management Partners Inc. Takes $1.05 Million Position in WK Kellogg Co (NYSE:KLG)

Polar Asset Management Partners Inc. bought a new position in shares of WK Kellogg Co (NYSE:KLG) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 58,401 shares of the company’s stock, valued at approximately $1,051,000. Polar Asset Management Partners Inc. owned 0.07% of WK Kellogg as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Barclays PLC lifted its holdings in WK Kellogg by 406.6% during the 3rd quarter. Barclays PLC now owns 128,710 shares of the company’s stock worth $2,202,000 after buying an additional 103,301 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in WK Kellogg by 75.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 15,433 shares of the company’s stock valued at $278,000 after purchasing an additional 6,631 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of WK Kellogg by 13.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,818 shares of the company’s stock valued at $303,000 after buying an additional 1,955 shares in the last quarter. Inlet Private Wealth LLC boosted its position in shares of WK Kellogg by 1.0% during the 4th quarter. Inlet Private Wealth LLC now owns 324,040 shares of the company’s stock worth $5,829,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Spire Wealth Management purchased a new stake in WK Kellogg during the fourth quarter worth about $56,000. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Trading Up 1.7%

Shares of KLG opened at $18.26 on Friday. The stock has a market cap of $1.57 billion, a PE ratio of 22.54, a P/E/G ratio of 2.01 and a beta of 0.54. WK Kellogg Co has a 12 month low of $14.80 and a 12 month high of $22.21. The stock’s 50-day moving average is $18.70 and its two-hundred day moving average is $18.46. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.74 and a quick ratio of 0.32.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.21). WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. The firm had revenue of $667.00 million during the quarter, compared to analysts’ expectations of $677.91 million. During the same period in the previous year, the company earned $0.37 earnings per share. The business’s quarterly revenue was down 6.2% on a year-over-year basis. Equities analysts forecast that WK Kellogg Co will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Friday, May 30th. WK Kellogg’s payout ratio is currently 103.13%.

Analysts Set New Price Targets

Several research firms have weighed in on KLG. Stifel Nicolaus lowered their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, January 24th. Morgan Stanley began coverage on WK Kellogg in a research report on Monday, March 24th. They issued an “underweight” rating and a $18.00 price objective for the company. Finally, Jefferies Financial Group dropped their price target on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, WK Kellogg presently has an average rating of “Reduce” and an average price target of $16.86.

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.