WK Kellogg (NYSE:KLG) Price Target Lowered to $16.00 at Jefferies Financial Group

WK Kellogg (NYSE:KLG) had its price target cut by equities researchers at Jefferies Financial Group from $19.00 to $16.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential downside of 1.92% from the company’s previous close.

KLG has been the subject of a number of other research reports. Stifel Nicolaus decreased their price objective on shares of WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday. Barclays lowered their price objective on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, January 17th. Finally, TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $18.00 to $16.00 in a research note on Wednesday, January 8th. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.88.

WK Kellogg Stock Down 7.2 %

NYSE:KLG traded down $1.27 during trading hours on Tuesday, hitting $16.31. The stock had a trading volume of 1,386,693 shares, compared to its average volume of 958,523. The company has a market cap of $1.41 billion, a PE ratio of 20.92 and a beta of 0.72. The business has a 50 day simple moving average of $18.42 and a two-hundred day simple moving average of $17.68. WK Kellogg has a 1-year low of $12.32 and a 1-year high of $24.63. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.49.

WK Kellogg (NYSE:KLG) last announced its earnings results on Thursday, November 7th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company had revenue of $689.00 million for the quarter, compared to analyst estimates of $674.10 million. During the same period in the prior year, the company posted $0.49 EPS. WK Kellogg’s quarterly revenue was down .4% on a year-over-year basis. Analysts predict that WK Kellogg will post 1.49 EPS for the current year.

Insider Activity at WK Kellogg

In other WK Kellogg news, Director G Zachary Gund bought 65,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was acquired at an average price of $17.76 per share, with a total value of $1,154,400.00. Following the completion of the transaction, the director now directly owns 195,000 shares in the company, valued at approximately $3,463,200. This represents a 50.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On WK Kellogg

Several hedge funds have recently bought and sold shares of KLG. Dimensional Fund Advisors LP grew its stake in shares of WK Kellogg by 11.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 439,258 shares of the company’s stock valued at $7,232,000 after buying an additional 46,735 shares in the last quarter. AQR Capital Management LLC grew its position in WK Kellogg by 579.1% in the second quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock worth $23,107,000 after acquiring an additional 1,197,133 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in WK Kellogg by 158.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,726 shares of the company’s stock worth $555,000 after acquiring an additional 20,656 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of WK Kellogg during the 2nd quarter worth about $183,000. Finally, Algert Global LLC bought a new stake in WK Kellogg during the 2nd quarter valued at approximately $1,272,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

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.