WK Kellogg (NYSE:KLG) Upgraded at Zacks Research

Zacks Research upgraded shares of WK Kellogg (NYSE:KLG) from a strong sell rating to a hold rating in a report published on Monday,Zacks.com reports.

KLG has been the subject of several other reports. TD Cowen upgraded WK Kellogg from a “sell” rating to a “hold” rating and raised their target price for the company from $14.00 to $23.00 in a research note on Monday, July 14th. JPMorgan Chase & Co. started coverage on WK Kellogg in a research note on Wednesday, August 20th. They set a “neutral” rating and a $23.00 target price for the company. Barclays restated an “underweight” rating and set a $23.00 target price (up from $16.00) on shares of WK Kellogg in a research note on Monday, July 14th. BNP Paribas set a $23.00 target price on WK Kellogg in a research note on Friday, July 11th. Finally, Evercore ISI raised their target price on WK Kellogg from $19.00 to $23.00 and gave the company an “in-line” rating in a research note on Friday, July 11th. Eight investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $20.88.

WK Kellogg Stock Up 0.1%

Shares of NYSE KLG opened at $23.00 on Monday. WK Kellogg has a 12-month low of $14.80 and a 12-month high of $23.56. The company has a market cap of $1.99 billion, a P/E ratio of 62.15 and a beta of 0.24. The company has a current ratio of 0.99, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The stock has a fifty day moving average price of $22.49 and a 200 day moving average price of $19.58.

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). The company had revenue of $611.52 million during the quarter, compared to analyst estimates of $653.36 million. WK Kellogg had a net margin of 1.31% and a return on equity of 31.34%. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 earnings per share. Research analysts anticipate that WK Kellogg will post 1.57 EPS for the current fiscal year.

WK Kellogg Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. WK Kellogg’s payout ratio is 178.38%.

Institutional Investors Weigh In On WK Kellogg

Hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. raised its holdings in shares of WK Kellogg by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,757 shares of the company’s stock valued at $214,000 after buying an additional 733 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of WK Kellogg during the first quarter valued at approximately $1,892,000. Oppenheimer & Co. Inc. raised its holdings in shares of WK Kellogg by 110.6% during the first quarter. Oppenheimer & Co. Inc. now owns 26,994 shares of the company’s stock valued at $538,000 after buying an additional 14,175 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of WK Kellogg by 4.6% during the first quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company’s stock valued at $112,414,000 after buying an additional 245,555 shares during the last quarter. Finally, Man Group plc raised its holdings in shares of WK Kellogg by 155.1% during the fourth quarter. Man Group plc now owns 30,552 shares of the company’s stock valued at $550,000 after buying an additional 18,577 shares during the last quarter. 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.