Barclays Lowers WK Kellogg (NYSE:KLG) Price Target to $16.00

WK Kellogg (NYSE:KLG) had its target price reduced by Barclays from $19.00 to $16.00 in a report issued on Friday,Benzinga reports. They currently have an underweight rating on the stock.

Separately, TD Cowen cut WK Kellogg from a “hold” rating to a “sell” rating and dropped their price objective for the company from $18.00 to $16.00 in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, WK Kellogg has a consensus rating of “Reduce” and an average target price of $18.14.

WK Kellogg Stock Up 0.6 %

NYSE:KLG opened at $15.95 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78. The firm has a market cap of $1.37 billion, a P/E ratio of 20.44 and a beta of 0.72. WK Kellogg has a fifty-two week low of $12.32 and a fifty-two week high of $24.63. The firm has a 50-day simple moving average of $18.50 and a two-hundred day simple moving average of $17.67.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. WK Kellogg had a net margin of 2.50% and a return on equity of 33.41%. The company had revenue of $689.00 million during the quarter, compared to analyst estimates of $674.10 million. During the same period in the previous year, the business earned $0.49 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Analysts predict that WK Kellogg will post 1.49 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.01%. WK Kellogg’s dividend payout ratio is currently 82.05%.

Insider Activity at WK Kellogg

In related news, Director G Zachary Gund bought 65,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were bought at an average cost of $17.94 per share, for a total transaction of $1,166,100.00. Following the completion of the transaction, the director now owns 65,000 shares of the company’s stock, valued at approximately $1,166,100. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in KLG. Dimensional Fund Advisors LP boosted its position in shares of WK Kellogg by 11.9% in the second quarter. Dimensional Fund Advisors LP now owns 439,258 shares of the company’s stock worth $7,232,000 after purchasing an additional 46,735 shares during the period. Renaissance Technologies LLC raised its holdings in WK Kellogg by 124.5% during the second quarter. Renaissance Technologies LLC now owns 538,600 shares of the company’s stock valued at $8,865,000 after acquiring an additional 298,700 shares during the period. Seven Eight Capital LP purchased a new position in shares of WK Kellogg in the second quarter valued at about $577,000. Hancock Whitney Corp boosted its stake in shares of WK Kellogg by 34.9% in the second quarter. Hancock Whitney Corp now owns 37,490 shares of the company’s stock worth $617,000 after acquiring an additional 9,709 shares during the period. Finally, Public Sector Pension Investment Board grew its position in shares of WK Kellogg by 6.3% during the second quarter. Public Sector Pension Investment Board now owns 145,471 shares of the company’s stock worth $2,394,000 after purchasing an additional 8,647 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors.

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.