Rip Road Capital Partners LP Acquires Shares of 304,343 WK Kellogg Co (NYSE:KLG)

Rip Road Capital Partners LP acquired a new stake in shares of WK Kellogg Co (NYSE:KLG) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 304,343 shares of the company’s stock, valued at approximately $3,999,000. WK Kellogg makes up about 4.3% of Rip Road Capital Partners LP’s portfolio, making the stock its 11th biggest position.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. bought a new stake in WK Kellogg during the 4th quarter valued at approximately $4,461,000. Lincoln Capital Corp bought a new stake in shares of WK Kellogg in the 4th quarter worth approximately $1,026,000. Nordea Investment Management AB bought a new stake in shares of WK Kellogg in the 4th quarter worth approximately $2,119,000. Inlet Private Wealth LLC bought a new stake in shares of WK Kellogg in the 4th quarter worth approximately $4,038,000. Finally, Oak Thistle LLC bought a new stake in shares of WK Kellogg in the 4th quarter worth approximately $1,721,000. 95.74% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on KLG. TD Cowen boosted their price target on WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Evercore ISI upped their price objective on WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, May 8th. Stifel Nicolaus upped their price objective on WK Kellogg from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Barclays upped their price objective on WK Kellogg from $15.00 to $19.00 and gave the company an “underweight” rating in a research report on Thursday, May 9th. Finally, BNP Paribas cut WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 price objective on the stock. in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.95.

WK Kellogg Stock Performance

Shares of NYSE:KLG traded down $0.25 during midday trading on Tuesday, hitting $17.99. The company had a trading volume of 183,467 shares, compared to its average volume of 1,084,062. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.84 and a quick ratio of 0.43. The company has a market cap of $1.54 billion and a price-to-earnings ratio of 11.26. WK Kellogg Co has a 12-month low of $9.65 and a 12-month high of $24.63. The company has a fifty day moving average of $21.03 and a two-hundred day moving average of $16.46.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.37 EPS for the quarter, hitting the consensus estimate of $0.37. The company had revenue of $707.00 million during the quarter, compared to analysts’ expectations of $697.83 million. The business’s revenue for the quarter was down .7% on a year-over-year basis. On average, equities research analysts expect that WK Kellogg Co will post 1.55 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend is Friday, May 31st. WK Kellogg’s dividend payout ratio is currently 39.51%.

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.