Teacher Retirement System of Texas Sells 24,219 Shares of WK Kellogg Co (NYSE:KLG)

Teacher Retirement System of Texas lessened its holdings in WK Kellogg Co (NYSE:KLG) by 11.9% during the fourth quarter, HoldingsChannel reports. The firm owned 179,143 shares of the company’s stock after selling 24,219 shares during the quarter. Teacher Retirement System of Texas’ holdings in WK Kellogg were worth $3,223,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Royce & Associates LP boosted its stake in WK Kellogg by 46.0% in the fourth quarter. Royce & Associates LP now owns 105,134 shares of the company’s stock valued at $1,891,000 after buying an additional 33,147 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of WK Kellogg by 172.9% in the 4th 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 in the last quarter. Wealthfront Advisers LLC bought a new stake in shares of WK Kellogg during the 4th quarter valued at approximately $44,000. Amundi increased its position in WK Kellogg by 2,471.1% during the 4th quarter. Amundi now owns 119,068 shares of the company’s stock worth $2,142,000 after purchasing an additional 114,437 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in WK Kellogg in the 4th quarter valued at approximately $754,000. Institutional investors own 95.74% of the company’s stock.

WK Kellogg Price Performance

Shares of KLG opened at $18.55 on Wednesday. The firm has a market cap of $1.60 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 2.01 and a beta of 0.30. WK Kellogg Co has a 52-week low of $15.17 and a 52-week high of $24.63. The business’s 50 day moving average price is $18.34 and its two-hundred day moving average price is $18.19. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.32 and a current ratio of 0.74.

WK Kellogg (NYSE:KLG) last released its earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. On average, equities analysts anticipate that WK Kellogg Co will post 1.57 EPS for the current year.

WK Kellogg Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.165 per share. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 28th. This represents a $0.66 annualized dividend and a yield of 3.56%. WK Kellogg’s dividend payout ratio is presently 81.48%.

Analyst Ratings Changes

KLG has been the topic of several recent research reports. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and cut their price objective for the company from $18.00 to $16.00 in a report on Wednesday, January 8th. Stifel Nicolaus cut their price target on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, January 24th. Morgan Stanley began coverage on WK Kellogg in a research note on Monday. They issued an “underweight” rating and a $18.00 price objective for the company. Jefferies Financial Group dropped their price objective on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Finally, Barclays decreased their price target 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, January 17th. Five investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $17.89.

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.