WK Kellogg (NYSE:KLG) Sees Strong Trading Volume - Here's What Happened

Shares of WK Kellogg Co. (NYSE:KLG - Get Free Report) saw an uptick in trading volume on Friday . 1,769,855 shares changed hands during mid-day trading, an increase of 57% from the previous session's volume of 1,125,648 shares.The stock last traded at $22.84 and had previously closed at $22.86.

Analyst Ratings Changes

Several brokerages have issued reports on KLG. Evercore ISI boosted their price target on shares of WK Kellogg from $19.00 to $23.00 and gave the company an "in-line" rating in a report on Friday. Morgan Stanley started coverage on shares of WK Kellogg in a report on Monday, March 24th. They issued an "underweight" rating and a $18.00 target price on the stock. Wall Street Zen lowered shares of WK Kellogg from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. Finally, Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday. Four equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $17.71.

WK Kellogg Trading Up 0.1%

The company's 50-day moving average is $16.95 and its 200-day moving average is $17.86. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 35.75, a P/E/G ratio of 2.50 and a beta of 0.23. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.34 and a current ratio of 0.78.

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

WK Kellogg Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.66 annualized dividend and a yield of 2.88%. WK Kellogg's dividend payout ratio (DPR) is 103.13%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KLG. Ancora Advisors LLC lifted its position in WK Kellogg by 181.8% during the 4th quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock valued at $27,000 after purchasing an additional 980 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of WK Kellogg in the 4th quarter valued at about $44,000. Curat Global LLC bought a new stake in shares of WK Kellogg in the 1st quarter valued at about $66,000. Summit Securities Group LLC bought a new stake in shares of WK Kellogg in the 4th quarter valued at about $70,000. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in shares of WK Kellogg by 1,030.8% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company's stock valued at $73,000 after acquiring an additional 3,350 shares during the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

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.