Wall Street Zen upgraded shares of WK Kellogg (NYSE:KLG - Free Report) from a sell rating to a hold rating in a research report released on Sunday.
KLG has been the subject of a number of other research reports. Morgan Stanley began coverage on WK Kellogg in a report on Monday, March 24th. They set an "underweight" rating and a $18.00 target price for the company. Evercore ISI boosted their price objective on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a report on Friday, July 11th. Finally, Cowen raised WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $20.13.
Read Our Latest Research Report on WK Kellogg
WK Kellogg Price Performance
KLG stock traded up $0.04 during mid-day trading on Friday, reaching $23.14. 1,675,802 shares of the company traded hands, compared to its average volume of 1,164,916. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.78 and a quick ratio of 0.34. The company has a market capitalization of $2.00 billion, a P/E ratio of 36.16 and a beta of 0.23. WK Kellogg has a 52-week low of $14.80 and a 52-week high of $23.24. The company has a fifty day moving average price of $17.17 and a 200-day moving average price of $17.93.
WK Kellogg (NYSE:KLG - Get Free Report) last posted 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 company had revenue of $667.00 million for the quarter, compared to analysts' expectations of $677.91 million. WK Kellogg had a net margin of 2.14% and a return on equity of 34.88%. The firm's quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 EPS. As a group, analysts anticipate that WK Kellogg will post 1.57 earnings per share for the current year.
WK Kellogg Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 2.85%. The ex-dividend date was Friday, May 30th. WK Kellogg's dividend payout ratio is currently 103.13%.
Institutional Trading of WK Kellogg
Several hedge funds and other institutional investors have recently bought and sold shares of KLG. Capital International Investors boosted its stake in WK Kellogg by 149.8% in the fourth quarter. Capital International Investors now owns 4,186,763 shares of the company's stock worth $75,320,000 after buying an additional 2,510,779 shares in the last quarter. LSV Asset Management lifted its position in WK Kellogg by 280.5% in the first quarter. LSV Asset Management now owns 3,038,537 shares of the company's stock valued at $60,558,000 after purchasing an additional 2,239,966 shares during the last quarter. Wellington Management Group LLP bought a new stake in WK Kellogg in the fourth quarter valued at approximately $14,737,000. Jupiter Asset Management Ltd. lifted its position in WK Kellogg by 17.8% in the first quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company's stock valued at $58,574,000 after purchasing an additional 444,120 shares during the last quarter. Finally, Credit Agricole S A lifted its position in WK Kellogg by 10.4% in the first quarter. Credit Agricole S A now owns 4,287,331 shares of the company's stock valued at $85,447,000 after purchasing an additional 403,970 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company's stock.
WK Kellogg Company Profile
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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.
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