WK Kellogg (NYSE:KLG) Trading Down 7.9% – Here’s Why

WK Kellogg Co (NYSE:KLG)’s share price fell 7.9% during trading on Friday . The stock traded as low as $18.05 and last traded at $18.09. 347,868 shares traded hands during trading, a decline of 66% from the average session volume of 1,030,230 shares. The stock had previously closed at $19.65.

Analyst Ratings Changes

A number of research firms have issued reports on KLG. JPMorgan Chase & Co. reduced their target price on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus reduced their price target on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Finally, Barclays lowered 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 note on Friday, July 19th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $18.50.

WK Kellogg Price Performance

The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.36 and a current ratio of 0.83. The company’s 50 day moving average price is $17.51 and its 200-day moving average price is $18.21. The company has a market cap of $1.54 billion and a price-to-earnings ratio of 12.92.

WK Kellogg (NYSE:KLG) last announced its earnings results on Thursday, November 7th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05. The business had revenue of $689.00 million during the quarter, compared to the consensus estimate of $674.10 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. WK Kellogg’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 earnings per share. On average, equities research analysts forecast that WK Kellogg Co will post 1.5 earnings per share for the current fiscal year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.57%. WK Kellogg’s dividend payout ratio is currently 45.71%.

Institutional Trading of WK Kellogg

A number of hedge funds have recently modified their holdings of KLG. GAMMA Investing LLC raised its position in WK Kellogg by 88.6% during the third quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock valued at $32,000 after buying an additional 888 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of WK Kellogg in the first quarter worth approximately $42,000. Rothschild Investment LLC acquired a new stake in shares of WK Kellogg during the second quarter worth approximately $46,000. Abich Financial Wealth Management LLC increased its stake in WK Kellogg by 3,575.4% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 4,484 shares of the company’s stock valued at $77,000 after buying an additional 4,362 shares during the period. Finally, International Assets Investment Management LLC lifted its position in WK Kellogg by 1,724.1% in the 3rd quarter. International Assets Investment Management LLC now owns 4,688 shares of the company’s stock worth $80,000 after buying an additional 4,431 shares in the last quarter. Hedge funds and other 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.