WK Kellogg (NYSE:KLG) Sees Unusually-High Trading Volume - Here's Why

Key Points

• WK Kellogg Co. experienced a significant trading volume increase of 20% on Friday, with over 1.5 million shares traded, while the stock price fluctuated slightly between $22.98 and $22.99.
• Analysts have recently upgraded WK Kellogg's stock ratings, with multiple brokerages setting a price target of $23.00 and a consensus recommendation leaning towards a "Hold."
• The company's latest quarterly earnings report showed a net margin of 1.31% and a revenue drop of 8.8% year-over-year, missing analysts' revenue expectations.

WK Kellogg Co. (NYSE:KLG - Get Free Report) shares saw an uptick in trading volume on Friday . 1,537,231 shares were traded during trading, an increase of 20% from the previous session's volume of 1,286,309 shares.The stock last traded at $22.98 and had previously closed at $22.99.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on KLG. BNP Paribas set a $23.00 target price on WK Kellogg in a research report on Friday, July 11th. Barclays reiterated an "underweight" rating and set a $23.00 target price (up previously from $16.00) on shares of WK Kellogg in a research report on Monday, July 14th. Evercore ISI lifted their target price on WK Kellogg from $19.00 to $23.00 and gave the stock an "in-line" rating in a research report on Friday, July 11th. TD Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating and lifted their target price for the stock from $14.00 to $23.00 in a research report on Monday, July 14th. Finally, Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th. Eight research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $20.88.

WK Kellogg Price Performance

The stock has a fifty day simple moving average of $22.95 and a two-hundred day simple moving average of $19.66. The company has a market cap of $1.99 billion, a PE ratio of 62.18 and a beta of 0.24. The company has a current ratio of 0.99, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.03). WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The business had revenue of $611.52 million during the quarter, compared to analysts' expectations of $653.36 million. During the same period in the prior year, the firm posted $0.36 EPS. WK Kellogg's revenue for the quarter was down 8.8% compared to the same quarter last year. On average, equities analysts predict that WK Kellogg Co. will post 1.57 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.66 annualized dividend and a dividend yield of 2.9%. WK Kellogg's payout ratio is 178.38%.

Institutional Investors Weigh In On WK Kellogg

Several institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of WK Kellogg by 2.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,224 shares of the company's stock worth $443,000 after acquiring an additional 613 shares in the last quarter. SPC Financial Inc. boosted its stake in shares of WK Kellogg by 4.9% during the 2nd quarter. SPC Financial Inc. now owns 13,707 shares of the company's stock worth $218,000 after acquiring an additional 636 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of WK Kellogg by 6.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,939 shares of the company's stock worth $238,000 after acquiring an additional 679 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of WK Kellogg by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company's stock worth $214,000 after acquiring an additional 733 shares in the last quarter. Finally, Alpha Omega Wealth Management LLC boosted its stake in shares of WK Kellogg by 7.0% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 13,780 shares of the company's stock worth $275,000 after acquiring an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 95.74% of the company's stock.

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.