Principal Financial Group Inc. Buys 729 Shares of WK Kellogg Co (NYSE:KLG)

Principal Financial Group Inc. boosted its stake in shares of WK Kellogg Co (NYSE:KLG) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 340,237 shares of the company’s stock after purchasing an additional 729 shares during the period. Principal Financial Group Inc. owned about 0.40% of WK Kellogg worth $6,396,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kellogg W K Foundation Trust bought a new position in WK Kellogg in the fourth quarter worth approximately $177,458,000. Massachusetts Financial Services Co. MA bought a new position in WK Kellogg in the fourth quarter worth approximately $18,412,000. Beutel Goodman & Co Ltd. bought a new position in WK Kellogg in the fourth quarter worth approximately $13,730,000. London & Capital Asset Management Ltd bought a new position in WK Kellogg in the fourth quarter worth approximately $10,363,000. Finally, Private Management Group Inc. bought a new position in WK Kellogg in the fourth quarter worth approximately $8,956,000. Institutional investors own 95.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Stifel Nicolaus increased their price target on shares of WK Kellogg from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. TD Cowen increased their price objective on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a research note 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 for the company. in a research note on Wednesday, May 8th. Barclays increased their price objective on shares of WK Kellogg from $15.00 to $19.00 and gave the stock an “underweight” rating in a research note on Thursday, May 9th. Finally, Evercore ISI increased their price objective on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.95.

WK Kellogg Price Performance

KLG traded down $0.34 during trading on Friday, hitting $16.60. 168,970 shares of the company traded hands, compared to its average volume of 1,137,775. The stock’s 50-day simple moving average is $19.60 and its two-hundred day simple moving average is $17.07. WK Kellogg Co has a 1 year low of $9.65 and a 1 year 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 earnings results on Tuesday, May 7th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. The company had revenue of $707.00 million for the quarter, compared to analysts’ expectations of $697.83 million. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. On average, sell-side analysts expect that WK Kellogg Co will post 1.54 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid 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 yield of 3.86%.

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.