WK Kellogg (NYSE:KLG) Shares Down 9.4%

WK Kellogg Co (NYSE:KLG) fell 9.4% during trading on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BNP Paribas lowered shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 target price for the company. in a report on Wednesday. Barclays boosted their target price on shares of 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 shares of WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday. Stifel Nicolaus increased their price objective on WK Kellogg from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, TD Cowen upped their price target on WK Kellogg from $13.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, WK Kellogg currently has an average rating of “Hold” and an average target price of $16.55.

WK Kellogg Trading Down 9.6 %

The company has a debt-to-equity ratio of 1.62, a current ratio of 0.84 and a quick ratio of 0.43. The stock’s 50-day moving average is $19.42 and its 200 day moving average is $14.89.

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

WK Kellogg Dividend Announcement

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

Institutional Investors Weigh In On WK Kellogg

A number of hedge funds have recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp lifted its holdings in shares of WK Kellogg by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 57,706 shares of the company’s stock valued at $1,085,000 after buying an additional 754 shares during the period. Alpha Omega Wealth Management LLC grew its stake in shares of WK Kellogg by 15.2% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 13,080 shares of the company’s stock worth $246,000 after purchasing an additional 1,725 shares during the period. Eukles Asset Management acquired a new position in WK Kellogg during the fourth quarter worth about $25,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of WK Kellogg during the 4th quarter worth approximately $26,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of WK Kellogg during the 4th quarter worth approximately $26,000. 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.