WK Kellogg (NYSE:KLG) Shares Up 9.9% - Time to Buy?

WK Kellogg Co. (NYSE:KLG - Get Free Report) rose 9.9% during mid-day trading on Tuesday . The stock traded as high as $17.52 and last traded at $17.52. Approximately 1,225,073 shares changed hands during trading, an increase of 31% from the average daily volume of 938,719 shares. The stock had previously closed at $15.94.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley initiated coverage on shares of WK Kellogg in a research report on Monday, March 24th. They issued an "underweight" rating and a $18.00 price target on the stock. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $16.86.

WK Kellogg Trading Up 5.0%

The stock has a 50 day moving average of $16.82 and a 200-day moving average of $17.85. The company has a market capitalization of $1.54 billion, a P/E ratio of 27.98, a P/E/G ratio of 1.72 and a beta of 0.23. 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 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). The firm had revenue of $667.00 million during the quarter, compared to the consensus estimate of $677.91 million. WK Kellogg had a return on equity of 34.88% and a net margin of 2.14%. The business's revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 earnings per share. On average, research analysts predict that WK Kellogg Co. will post 1.57 EPS for the current year.

WK Kellogg Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.165 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.66 dividend on an annualized basis and a yield of 3.69%. WK Kellogg's payout ratio is presently 103.13%.

Hedge Funds Weigh In On WK Kellogg

Several large investors have recently made changes to their positions in KLG. Private Advisor Group LLC grew its position in shares of WK Kellogg by 25.8% during the fourth quarter. Private Advisor Group LLC now owns 20,083 shares of the company's stock worth $361,000 after purchasing an additional 4,125 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in WK Kellogg by 24.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,056,802 shares of the company's stock worth $19,012,000 after purchasing an additional 206,320 shares during the period. Illinois Municipal Retirement Fund grew its holdings in WK Kellogg by 10.1% during the 4th quarter. Illinois Municipal Retirement Fund now owns 35,190 shares of the company's stock valued at $633,000 after buying an additional 3,222 shares in the last quarter. Versor Investments LP bought a new stake in shares of WK Kellogg during the fourth quarter valued at approximately $200,000. Finally, Mutual of America Capital Management LLC purchased a new position in shares of WK Kellogg in the fourth quarter worth $181,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

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.