WK Kellogg (NYSE:KLG) Shares Down 9.4%

WK Kellogg Co (NYSE:KLG)’s stock price traded down 9.4% on Wednesday . The company traded as low as $21.78 and last traded at $21.98. 1,282,906 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 1,129,888 shares. The stock had previously closed at $24.27.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Barclays lifted their price objective on WK Kellogg from $12.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, April 12th. Evercore ISI raised their price target on WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday. BNP Paribas cut WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 target price on the stock. in a report on Wednesday. Stifel Nicolaus increased their price target on shares of WK Kellogg from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, TD Cowen increased their target price on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, WK Kellogg presently has a consensus rating of “Hold” and an average price target of $16.55.

WK Kellogg Price Performance

The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.62. The business has a fifty day moving average price of $19.42 and a 200-day moving average price of $14.89.

WK Kellogg (NYSE:KLG) last issued its earnings results on Tuesday, May 7th. The company reported $0.37 EPS for the quarter, meeting the consensus estimate of $0.37. The firm had revenue of $707.00 million during the quarter, compared to analyst estimates of $697.83 million. The business’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts predict that WK Kellogg Co will post 1.51 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a $0.16 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.64 annualized dividend and a dividend yield of 2.92%.

Hedge Funds Weigh In On WK Kellogg

A number of institutional investors have recently modified their holdings of the company. Eukles Asset Management purchased a new stake in WK Kellogg during the fourth quarter valued at about $25,000. Canal Insurance CO bought a new position in shares of WK Kellogg during the 4th quarter valued at about $26,000. Toth Financial Advisory Corp purchased a new position in shares of WK Kellogg during the fourth quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of WK Kellogg in the fourth quarter worth about $26,000. Finally, Brown Brothers Harriman & Co. bought a new position in WK Kellogg during the 4th quarter valued at approximately $27,000. 95.74% of the stock is owned by institutional investors and hedge funds.

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.