WK Kellogg (NYSE:KLG) Shares Gap Up – Should You Buy?

Shares of WK Kellogg Co (NYSE:KLG) gapped up before the market opened on Thursday . The stock had previously closed at $16.84, but opened at $18.38. WK Kellogg shares last traded at $18.75, with a volume of 345,856 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus reduced their price target on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Bank of America downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $24.00 to $17.00 in a research report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their price target 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 reduced their price target on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.50.

WK Kellogg Stock Up 14.8 %

The company has a market capitalization of $1.66 billion and a P/E ratio of 13.39. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.36 and a current ratio of 0.83. The stock has a 50 day moving average price of $17.45 and a 200 day moving average price of $18.20.

WK Kellogg (NYSE:KLG) last posted its earnings results on Tuesday, August 6th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. The company had revenue of $672.00 million for the quarter, compared to analysts’ expectations of $671.50 million. The firm’s revenue was down 4.0% on a year-over-year basis. Equities research analysts forecast that WK Kellogg Co will post 1.5 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.16 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.31%. WK Kellogg’s payout ratio is 45.71%.

Institutional Trading of WK Kellogg

A number of hedge funds have recently bought and sold shares of KLG. GAMMA Investing LLC lifted its position in WK Kellogg by 88.6% in the third quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock valued at $32,000 after purchasing an additional 888 shares during the last quarter. EntryPoint Capital LLC bought a new stake in WK Kellogg in the first quarter valued at approximately $42,000. Rothschild Investment LLC bought a new stake in WK Kellogg in the second quarter valued at approximately $46,000. Abich Financial Wealth Management LLC lifted its position in WK Kellogg by 3,575.4% in the third quarter. Abich Financial Wealth Management LLC now owns 4,484 shares of the company’s stock valued at $77,000 after purchasing an additional 4,362 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of WK Kellogg by 1,724.1% during the third quarter. International Assets Investment Management LLC now owns 4,688 shares of the company’s stock valued at $80,000 after acquiring an additional 4,431 shares in the last quarter. Institutional investors own 95.74% of the company’s stock.

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.