JPMorgan Chase & Co. Initiates Coverage on WK Kellogg (NYSE:KLG)

Key Points

• JPMorgan Chase & Co. reaffirmed a neutral rating for WK Kellogg's stock, raising its target price from $19.00 to $23.00, indicating a potential upside of 0.11% from the previous close.
• Other analysts have varied opinions on WK Kellogg, with Barclays maintaining an "underweight" rating, while others upgraded the stock to a "hold" rating and set similar target prices of $23.00.
• WK Kellogg reported earnings of $0.25 EPS for its last quarter, missing estimates and showing an 8.8% year-over-year revenue decline, suggesting challenges in performance.

JPMorgan Chase & Co. started coverage on shares of WK Kellogg (NYSE:KLG - Get Free Report) in a report released on Wednesday, Marketbeat reports. The firm set a "neutral" rating and a $23.00 price target on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 0.02% from the stock's previous close.

Several other equities research analysts have also commented on the stock. TD Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating and boosted their price target for the company from $14.00 to $23.00 in a report on Monday, July 14th. BNP Paribas set a $23.00 price target on WK Kellogg in a report on Friday, July 11th. Wall Street Zen upgraded WK Kellogg from a "sell" rating to a "hold" rating in a research note on Sunday, July 13th. Cowen upgraded shares of WK Kellogg from a "sell" rating to a "hold" rating in a research note on Friday, July 11th. Finally, Evercore ISI raised their target price on shares of WK Kellogg from $19.00 to $23.00 and gave the company an "in-line" rating in a research note on Friday, July 11th. Seven research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $20.88.

WK Kellogg Trading Up 0.0%

KLG traded up $0.0050 on Wednesday, reaching $22.9950. 646,712 shares of the company traded hands, compared to its average volume of 820,942. The firm has a fifty day simple moving average of $20.68 and a two-hundred day simple moving average of $19.17. The company has a quick ratio of 0.47, a current ratio of 0.99 and a debt-to-equity ratio of 1.97. WK Kellogg has a one year low of $14.80 and a one year high of $23.56. The company has a market cap of $1.99 billion, a P/E ratio of 62.15 and a beta of 0.24.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). The firm had revenue of $611.52 million during the quarter, compared to the consensus estimate of $653.36 million. WK Kellogg had a return on equity of 31.34% and a net margin of 1.31%.The firm's revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. As a group, equities research analysts expect that WK Kellogg will post 1.57 earnings per share for the current year.

Institutional Trading of WK Kellogg

Several institutional investors have recently modified their holdings of KLG. Vanguard Group Inc. raised its position in shares of WK Kellogg by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company's stock worth $112,414,000 after purchasing an additional 245,555 shares during the last quarter. Credit Agricole S A boosted its stake in shares of WK Kellogg by 10.4% in the first quarter. Credit Agricole S A now owns 4,287,331 shares of the company's stock worth $85,447,000 after acquiring an additional 403,970 shares during the last quarter. LSV Asset Management boosted its stake in shares of WK Kellogg by 280.5% in the first quarter. LSV Asset Management now owns 3,038,537 shares of the company's stock worth $60,558,000 after acquiring an additional 2,239,966 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in shares of WK Kellogg by 17.8% during the first quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company's stock worth $58,574,000 after purchasing an additional 444,120 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in WK Kellogg by 10.1% in the 2nd quarter. American Century Companies Inc. now owns 1,934,997 shares of the company's stock valued at $30,844,000 after purchasing an additional 178,187 shares during the last quarter. Institutional investors and hedge funds own 95.74% of the company's stock.

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.