Brokerages Set WK Kellogg Co (NYSE:KLG) Price Target at $17.67

WK Kellogg Co (NYSE:KLG) has been assigned a consensus recommendation of “Reduce” from the eight analysts that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $18.50.

A number of brokerages have recently weighed in on KLG. Stifel Nicolaus lowered their price target on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Barclays lowered their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, July 19th. Bank of America lowered shares of WK Kellogg from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $24.00 to $17.00 in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th.

WK Kellogg Stock Performance

Shares of KLG opened at $16.85 on Wednesday. The company has a 50-day moving average of $17.43 and a two-hundred day moving average of $18.62. The stock has a market cap of $1.45 billion and a price-to-earnings ratio of 11.16. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.83 and a quick ratio of 0.36. WK Kellogg has a one year low of $9.65 and a one year high of $24.63.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The firm had revenue of $672.00 million during the quarter, compared to analyst estimates of $671.50 million. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. On average, equities research analysts expect that WK Kellogg will post 1.5 earnings per share for the current year.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.80%. WK Kellogg’s payout ratio is 42.38%.

Hedge Funds Weigh In On WK Kellogg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal London Asset Management Ltd. acquired a new position in shares of WK Kellogg during the 4th quarter worth $695,000. Rip Road Capital Partners LP acquired a new position in WK Kellogg during the fourth quarter worth $3,999,000. Caas Capital Management LP bought a new position in WK Kellogg during the fourth quarter valued at about $2,986,000. Gabelli Funds LLC acquired a new stake in shares of WK Kellogg in the fourth quarter worth about $651,000. Finally, Alaska Permanent Fund Corp boosted its stake in shares of WK Kellogg by 120.8% during the 1st quarter. Alaska Permanent Fund Corp now owns 128,361 shares of the company’s stock worth $2,413,000 after acquiring an additional 70,229 shares in the last quarter. 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.