TD Cowen Upgrades WK Kellogg (NYSE:KLG) to "Hold"

WK Kellogg (NYSE:KLG - Get Free Report) was upgraded by TD Cowen from a "sell" rating to a "hold" rating in a research report issued on Monday, MarketBeat.com reports. The firm currently has a $23.00 price objective on the stock, up from their prior price objective of $14.00. TD Cowen's price target would suggest a potential upside of 0.52% from the stock's current price.

A number of other equities analysts have also weighed in on the company. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday. Cowen raised WK Kellogg from a "sell" rating to a "hold" rating in a research report on Friday. Morgan Stanley started coverage on WK Kellogg in a research report on Monday, March 24th. They set an "underweight" rating and a $18.00 price target on the stock. Finally, Evercore ISI increased their price target on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research report on Friday. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $19.71.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $22.88 on Monday. The firm has a market cap of $1.97 billion, a P/E ratio of 35.75 and a beta of 0.23. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.54. WK Kellogg has a 1-year low of $14.80 and a 1-year high of $22.96. The business's 50 day moving average is $16.95 and its 200-day moving average is $17.86.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.21). The firm had revenue of $667.00 million for the quarter, compared to the consensus estimate of $677.91 million. WK Kellogg had a return on equity of 34.88% and a net margin of 2.14%. WK Kellogg's revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. Equities research analysts predict that WK Kellogg will post 1.57 earnings per share for the current year.

Institutional Investors Weigh In On WK Kellogg

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of WK Kellogg by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,240,046 shares of the company's stock valued at $22,308,000 after purchasing an additional 127,488 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of WK Kellogg by 46.0% in the 4th quarter. Royce & Associates LP now owns 105,134 shares of the company's stock valued at $1,891,000 after purchasing an additional 33,147 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of WK Kellogg in the 4th quarter valued at $273,000. Amundi lifted its stake in shares of WK Kellogg by 2,471.1% in the 4th quarter. Amundi now owns 119,068 shares of the company's stock valued at $2,142,000 after acquiring an additional 114,437 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in shares of WK Kellogg in the 1st quarter valued at $1,892,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.