WK Kellogg (NYSE:KLG) Trading Up 3.9%

Shares of WK Kellogg Co (NYSE:KLG) shot up 3.9% during trading on Wednesday . The stock traded as high as $17.16 and last traded at $17.12. 245,554 shares were traded during trading, a decline of 78% from the average session volume of 1,118,475 shares. The stock had previously closed at $16.47.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on KLG shares. BNP Paribas downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 target price for the company. in a report on Wednesday, May 8th. Bank of America lowered WK Kellogg from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $24.00 to $17.00 in a research note on Wednesday, July 10th. Stifel Nicolaus decreased their target price on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a research note on Tuesday, July 23rd. TD Cowen upped their price target on WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, WK Kellogg presently has an average rating of “Hold” and an average price target of $17.40.

WK Kellogg Stock Performance

The business’s fifty day moving average price is $17.01 and its two-hundred day moving average price is $17.82. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.43 and a current ratio of 0.84. The stock has a market capitalization of $1.44 billion and a P/E ratio of 10.39.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The business had revenue of $672.00 million during the quarter, compared to analyst estimates of $671.50 million. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. As a group, sell-side analysts forecast that WK Kellogg Co will post 1.53 earnings per share for the current year.

WK Kellogg Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Thursday, August 29th. WK Kellogg’s dividend payout ratio is currently 39.51%.

Hedge Funds Weigh In On WK Kellogg

Large investors have recently made changes to their positions in the company. Eukles Asset Management purchased a new position in WK Kellogg during the 4th quarter valued at $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of WK Kellogg during the fourth quarter worth $26,000. Brown Brothers Harriman & Co. purchased a new stake in shares of WK Kellogg during the fourth quarter valued at $27,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of WK Kellogg in the fourth quarter worth about $31,000. Finally, Kapitalo Investimentos Ltda purchased a new position in WK Kellogg in the 4th quarter worth about $39,000. 95.74% of the stock is 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.