WK Kellogg (NYSE:KLG) Receives Underweight Rating from Barclays

Barclays reissued their underweight rating on shares of WK Kellogg (NYSE:KLG - Free Report) in a report published on Monday morning, Marketbeat.com reports. Barclays currently has a $23.00 target price on the stock, up from their previous target price of $16.00.

Several other research analysts have also recently issued reports on the stock. Cowen raised shares of WK Kellogg from a "sell" rating to a "hold" rating in a report on Friday, July 11th. Morgan Stanley assumed coverage on WK Kellogg in a research report on Monday, March 24th. They issued an "underweight" rating and a $18.00 target price on the stock. Wall Street Zen raised WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday. Evercore ISI lifted their price objective on WK Kellogg from $19.00 to $23.00 and gave the company an "in-line" rating in a research report on Friday, July 11th. Finally, TD Cowen upgraded WK Kellogg from a "sell" rating to a "hold" rating and increased their target price for the stock from $14.00 to $23.00 in a research report on Monday. Two analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $20.13.

WK Kellogg Price Performance

Shares of KLG traded up $0.02 during trading hours on Monday, reaching $23.20. 452,614 shares of the company's stock traded hands, compared to its average volume of 1,163,295. The firm's 50 day simple moving average is $17.29 and its 200-day simple moving average is $17.96. The stock has a market cap of $2.00 billion, a PE ratio of 36.23 and a beta of 0.23. WK Kellogg has a 12 month low of $14.80 and a 12 month high of $23.22. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.54.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings data 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). WK Kellogg had a net margin of 2.14% and a return on equity of 34.88%. The company had revenue of $667.00 million during the quarter, compared to the consensus estimate of $677.91 million. During the same quarter in the previous year, the firm posted $0.37 EPS. The business's revenue for the quarter was down 6.2% compared to the same quarter last year. Equities analysts expect that WK Kellogg will post 1.57 EPS for the current year.

WK Kellogg Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Friday, May 30th. WK Kellogg's payout ratio is currently 103.13%.

Hedge Funds Weigh In On WK Kellogg

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ancora Advisors LLC raised its position in shares of WK Kellogg by 181.8% in the 4th quarter. Ancora Advisors LLC now owns 1,519 shares of the company's stock worth $27,000 after acquiring an additional 980 shares in the last quarter. Wealthfront Advisers LLC purchased a new stake in WK Kellogg during the 4th quarter valued at about $44,000. Curat Global LLC purchased a new stake in WK Kellogg during the 1st quarter valued at about $66,000. Summit Securities Group LLC purchased a new stake in WK Kellogg during the 4th quarter valued at about $70,000. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in WK Kellogg by 1,030.8% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company's stock valued at $73,000 after purchasing an additional 3,350 shares during the last quarter. 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.