WK Kellogg Co (NYSE:KLG) Receives $17.40 Average PT from Brokerages

WK Kellogg Co (NYSE:KLG) has received a consensus recommendation of “Reduce” from the ten brokerages that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $17.40.

Several analysts have issued reports on the company. Bank of America lowered WK Kellogg from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $24.00 to $17.00 in a research note on Wednesday, July 10th. BNP Paribas downgraded WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 price target for the company. in a report on Wednesday, May 8th. TD Cowen lifted their price objective on shares of 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 increased their price objective on shares of WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, May 8th. Finally, 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 report on Tuesday, July 23rd.

Institutional Investors Weigh In On WK Kellogg

A number of hedge funds and other institutional investors have recently made changes to their positions in KLG. Algert Global LLC bought a new position in WK Kellogg during the 2nd quarter worth $1,272,000. Mackenzie Financial Corp acquired a new stake in shares of WK Kellogg during the 2nd quarter worth $183,000. The Manufacturers Life Insurance Company increased its position in shares of WK Kellogg by 158.0% in the second quarter. The Manufacturers Life Insurance Company now owns 33,726 shares of the company’s stock worth $555,000 after purchasing an additional 20,656 shares during the period. AQR Capital Management LLC lifted its position in WK Kellogg by 579.1% during the second quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock worth $23,107,000 after purchasing an additional 1,197,133 shares during the period. Finally, Public Sector Pension Investment Board grew its stake in WK Kellogg by 6.3% during the second quarter. Public Sector Pension Investment Board now owns 145,471 shares of the company’s stock worth $2,394,000 after buying an additional 8,647 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

WK Kellogg Stock Performance

NYSE KLG opened at $17.40 on Tuesday. The firm has a market capitalization of $1.49 billion and a P/E ratio of 10.74. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.53. The firm’s fifty day moving average price is $16.89 and its two-hundred day moving average price is $17.92. WK Kellogg has a 1 year low of $9.65 and a 1 year high of $24.63.

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

WK Kellogg Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.68%. WK Kellogg’s payout ratio is presently 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.