WK Kellogg (NYSE:KLG) Sees Strong Trading Volume After Analyst Upgrade

WK Kellogg Co. (NYSE:KLG - Get Free Report) saw strong trading volume on Friday after Barclays raised their price target on the stock from $16.00 to $23.00. Barclays currently has an underweight rating on the stock. 1,769,855 shares were traded 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.

A number of other analysts have also weighed in on KLG. Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday. TD Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating and increased their price objective for the stock from $14.00 to $23.00 in a report on Monday. Morgan Stanley began coverage on WK Kellogg in a research note on Monday, March 24th. They set an "underweight" rating and a $18.00 target price on the stock. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a report on Sunday. Finally, Evercore ISI boosted their price objective on shares of WK Kellogg from $19.00 to $23.00 and gave the company an "in-line" rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $19.71.

Hedge Funds Weigh In On WK Kellogg

Several institutional investors and hedge funds 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 acquiring an additional 980 shares during the period. Wealthfront Advisers LLC purchased a new position in shares of WK Kellogg during the fourth quarter valued at approximately $44,000. Curat Global LLC bought a new stake in shares of WK Kellogg in the 1st quarter worth approximately $66,000. Summit Securities Group LLC bought a new stake in shares of WK Kellogg in the 4th quarter worth approximately $70,000. Finally, Whittier Trust Co. of Nevada Inc. grew 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 worth $73,000 after buying an additional 3,350 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company's stock.

WK Kellogg Trading Up 0.5%

The stock has a 50-day moving average of $16.95 and a two-hundred day moving average of $17.86. The company has a market cap of $1.98 billion, a P/E ratio of 35.94 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 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 the consensus estimate of $677.91 million. WK Kellogg had a net margin of 2.14% and a return on equity of 34.88%. WK Kellogg's revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.37 earnings per share. On average, equities research analysts predict that WK Kellogg Co. 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 issued a $0.165 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.66 annualized dividend and a yield of 2.87%. WK Kellogg's dividend payout ratio (DPR) is presently 103.13%.

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.