JPMorgan Chase & Co. Begins Coverage on WK Kellogg (NYSE:KLG)

Analysts at JPMorgan Chase & Co. started coverage on shares of WK Kellogg (NYSE:KLG) in a research report issued on Wednesday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $23.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 0.07% from the stock’s previous close.

Several other equities analysts have also commented on the company. Cowen raised WK Kellogg from a “sell” rating to a “hold” rating in a report on Friday, July 11th. Barclays restated an “underweight” rating and set a $23.00 price target (up from $16.00) on shares of WK Kellogg in a research report on Monday, July 14th. Wall Street Zen raised WK Kellogg from a “sell” rating to a “hold” rating in a research note on Sunday, July 13th. TD Cowen raised shares of WK Kellogg from a “sell” rating to a “hold” rating and increased their target price for the company from $14.00 to $23.00 in a research note on Monday, July 14th. Finally, Evercore ISI upped their target price on WK Kellogg from $19.00 to $23.00 and gave the company an “in-line” rating in a report on Friday, July 11th. Seven investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $20.88.

WK Kellogg Stock Performance

NYSE KLG opened at $22.9850 on Wednesday. WK Kellogg has a 1-year low of $14.80 and a 1-year high of $23.56. The business’s 50-day simple moving average is $20.53 and its 200-day simple moving average is $19.11. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.99 and a quick ratio of 0.47. The firm has a market capitalization of $1.99 billion, a P/E ratio of 62.12 and a beta of 0.24.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.03). WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The company had revenue of $611.52 million during the quarter, compared to analyst estimates of $653.36 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. Equities analysts predict that WK Kellogg will post 1.57 EPS for the current year.

Institutional Investors Weigh In On WK Kellogg

Institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. increased its holdings in WK Kellogg by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company’s stock valued at $214,000 after purchasing an additional 733 shares in the last quarter. Exchange Traded Concepts LLC bought a new position in WK Kellogg during the 1st quarter worth approximately $1,892,000. Oppenheimer & Co. Inc. grew its stake in WK Kellogg by 110.6% in the first quarter. Oppenheimer & Co. Inc. now owns 26,994 shares of the company’s stock valued at $538,000 after acquiring an additional 14,175 shares during the period. Raymond James Financial Inc. bought a new stake in WK Kellogg in the 4th quarter valued at $754,000. Finally, Patrick Mauro Investment Advisor INC. lifted its holdings in shares of WK Kellogg by 35.1% in the fourth quarter. Patrick Mauro Investment Advisor INC. now owns 63,798 shares of the company’s stock valued at $1,148,000 after purchasing an additional 16,563 shares in the last quarter. 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.