WK Kellogg (NYSE:KLG) Trading Down 4.7% - Here's Why

WK Kellogg Co (NYSE:KLG - Get Free Report) dropped 4.7% during trading on Monday . The stock traded as low as $16.40 and last traded at $16.12. Approximately 237,336 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 971,137 shares. The stock had previously closed at $16.92.

Analyst Ratings Changes

Separately, Morgan Stanley started coverage on WK Kellogg in a research report on Monday, March 24th. They issued an "underweight" rating and a $18.00 price objective for the company. Four research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $16.86.

WK Kellogg Price Performance

The company has a market cap of $1.35 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 2.01 and a beta of 0.54. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45. The company has a fifty day moving average price of $18.11 and a two-hundred day moving average price of $18.42.

WK Kellogg (NYSE:KLG - Get Free Report) last posted its quarterly 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). WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. The business had revenue of $667.00 million for the quarter, compared to analyst estimates of $677.91 million. During the same quarter in the prior year, the firm earned $0.37 EPS. The firm's quarterly revenue was down 6.2% on a year-over-year basis. As a group, equities research analysts anticipate that WK Kellogg Co will post 1.57 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.165 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.66 dividend on an annualized basis and a yield of 4.22%. WK Kellogg's payout ratio is currently 103.13%.

Institutional Investors Weigh In On WK Kellogg

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in 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 buying an additional 127,488 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of WK Kellogg by 1,217.5% in the fourth quarter. Victory Capital Management Inc. now owns 233,997 shares of the company's stock valued at $4,210,000 after acquiring an additional 216,236 shares during the last quarter. Royce & Associates LP grew its holdings in shares of WK Kellogg by 46.0% during the fourth quarter. Royce & Associates LP now owns 105,134 shares of the company's stock worth $1,891,000 after purchasing an additional 33,147 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of WK Kellogg in the fourth quarter valued at about $273,000. Finally, Alberta Investment Management Corp acquired a new position in WK Kellogg during the 4th quarter worth about $2,022,000. 95.74% of the stock is 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.