WK Kellogg (NYSE:KLG) Announces Quarterly Earnings Results

WK Kellogg (NYSE:KLG) released its earnings results on Thursday. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05, Briefing.com reports. The company had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The business’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 EPS. WK Kellogg updated its FY 2024 guidance to EPS.

WK Kellogg Stock Performance

Shares of NYSE:KLG traded down $1.60 during trading hours on Friday, hitting $18.05. The stock had a trading volume of 1,507,564 shares, compared to its average volume of 1,035,855. 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’s fifty day simple moving average is $17.51 and its 200 day simple moving average is $18.21. The firm has a market capitalization of $1.55 billion and a price-to-earnings ratio of 12.92. WK Kellogg has a 1-year low of $10.11 and a 1-year high of $24.63.

WK Kellogg Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Friday, November 29th. WK Kellogg’s dividend payout ratio (DPR) is 45.71%.

Wall Street Analyst Weigh In

A number of research firms recently commented on KLG. JPMorgan Chase & Co. decreased their price target on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus lowered their price target on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 23rd. Finally, Barclays decreased their price objective on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.50.

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.