WK Kellogg (NYSE:KLG) Downgraded by Bank of America to Underperform

WK Kellogg (NYSE:KLG) was downgraded by stock analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. They presently have a $17.00 target price on the stock, down from their previous target price of $24.00. Bank of America‘s target price would indicate a potential upside of 6.12% from the stock’s current price.

A number of other analysts have also issued reports on KLG. Evercore ISI raised their target price on WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, May 8th. Barclays raised their target price on WK Kellogg from $15.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, May 9th. TD Cowen raised their target price on WK Kellogg from $13.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. BNP Paribas lowered 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, May 8th. Finally, Stifel Nicolaus raised their target price on WK Kellogg from $20.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.50.

WK Kellogg Trading Up 1.5 %

Shares of NYSE KLG opened at $16.02 on Wednesday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.84 and a quick ratio of 0.43. The business’s 50-day simple moving average is $19.00 and its 200-day simple moving average is $17.20. WK Kellogg has a 52 week low of $9.65 and a 52 week high of $24.63.

WK Kellogg (NYSE:KLG) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.37 EPS for the quarter, meeting analysts’ consensus estimates of $0.37. The company had revenue of $707.00 million for the quarter, compared to analyst estimates of $697.83 million. WK Kellogg’s revenue for the quarter was down .7% on a year-over-year basis. On average, analysts forecast that WK Kellogg will post 1.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On WK Kellogg

Hedge funds and other institutional investors have recently modified their holdings of the stock. Eukles Asset Management bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $26,000. Toth Financial Advisory Corp bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $26,000. Canal Insurance CO bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $26,000. Finally, Brown Brothers Harriman & Co. bought a new position in shares of WK Kellogg during the 4th quarter worth approximately $27,000. Institutional investors 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.