WK Kellogg (NYSE:KLG) Shares Gap Up After Insider Buying Activity

WK Kellogg Co (NYSE:KLG)’s share price gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $17.18, but opened at $17.72. WK Kellogg shares last traded at $17.23, with a volume of 206,579 shares traded.

Specifically, Director G Zachary Gund purchased 65,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was acquired at an average price of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the purchase, the director now directly owns 195,000 shares of the company’s stock, valued at $3,463,200. This trade represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Zachary Gund acquired 65,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was purchased at an average price of $17.94 per share, for a total transaction of $1,166,100.00. Following the completion of the transaction, the director now owns 65,000 shares in the company, valued at $1,166,100. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Stifel Nicolaus reduced their target price on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. reduced their price objective 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. Finally, Barclays lifted their price objective on WK Kellogg from $16.00 to $19.00 and gave the company an “underweight” rating in a report on Monday. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, WK Kellogg presently has an average rating of “Hold” and an average target price of $18.88.

WK Kellogg Stock Up 0.3 %

The company has a debt-to-equity ratio of 1.49, a current ratio of 0.78 and a quick ratio of 0.34. The company has a market capitalization of $1.48 billion and a price-to-earnings ratio of 22.03. The firm’s 50-day simple moving average is $17.56 and its two-hundred day simple moving average is $18.01.

WK Kellogg (NYSE:KLG) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $689.00 million for the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company’s revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.49 EPS. Sell-side analysts predict that WK Kellogg Co will post 1.49 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Friday, November 29th. WK Kellogg’s dividend payout ratio (DPR) is presently 82.05%.

Institutional Investors Weigh In On WK Kellogg

Several institutional investors and hedge funds have recently made changes to their positions in KLG. Seven Eight Capital LP acquired a new position in WK Kellogg during the second quarter worth about $577,000. Abundance Wealth Counselors purchased a new stake in WK Kellogg in the 2nd quarter valued at approximately $613,000. Jupiter Asset Management Ltd. grew its holdings in WK Kellogg by 1,876.1% during the 1st quarter. Jupiter Asset Management Ltd. now owns 531,108 shares of the company’s stock valued at $9,985,000 after buying an additional 504,232 shares during the last quarter. Atlas Financial Advisors Inc. purchased a new position in WK Kellogg during the third quarter worth $818,000. Finally, Acadian Asset Management LLC raised its holdings in shares of WK Kellogg by 64,642.1% in the second quarter. Acadian Asset Management LLC now owns 73,806 shares of the company’s stock worth $1,213,000 after acquiring an additional 73,692 shares during the last quarter. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

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.