WK Kellogg Co (NYSE:KLG) Receives Average Recommendation of “Reduce” from Brokerages

Shares of WK Kellogg Co (NYSE:KLG) have received a consensus recommendation of “Reduce” from the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $17.88.

Several analysts recently weighed in on KLG shares. Barclays cut their price objective on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. TD Cowen downgraded WK Kellogg from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $18.00 to $16.00 in a research report on Wednesday, January 8th. Jefferies Financial Group decreased their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Finally, Stifel Nicolaus cut their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, January 24th.

Insider Activity

In other WK Kellogg news, Director G Zachary Gund purchased 65,000 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were purchased at an average cost of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the transaction, the director now owns 195,000 shares in the company, valued at $3,463,200. The trade was a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On WK Kellogg

Hedge funds have recently made changes to their positions in the business. Halbert Hargrove Global Advisors LLC bought a new stake in WK Kellogg during the fourth quarter worth approximately $25,000. GAMMA Investing LLC lifted its position in shares of WK Kellogg by 88.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock valued at $32,000 after acquiring an additional 888 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of WK Kellogg during the 4th quarter worth $36,000. Wealthfront Advisers LLC acquired a new position in shares of WK Kellogg in the 4th quarter worth $44,000. Finally, Spire Wealth Management purchased a new stake in shares of WK Kellogg during the fourth quarter valued at $56,000. Institutional investors and hedge funds own 95.74% of the company’s stock.

WK Kellogg Stock Performance

KLG stock opened at $16.25 on Tuesday. WK Kellogg has a 1 year low of $12.34 and a 1 year high of $24.63. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 20.83 and a beta of 0.70. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78. The stock’s fifty day moving average is $17.88 and its two-hundred day moving average is $17.71.

WK Kellogg Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Friday, February 28th. This is a boost from WK Kellogg’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a dividend yield of 4.06%. WK Kellogg’s dividend payout ratio (DPR) is 82.05%.

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.