WK Kellogg (NYSE:KLG) Rating Lowered to Sell at TD Cowen

by · The Markets Daily

TD Cowen downgraded shares of WK Kellogg (NYSE:KLG – Free Report) from a hold rating to a sell rating in a research note released on Wednesday morning, Marketbeat reports. The brokerage currently has $16.00 target price on the stock, down from their prior target price of $18.00.

Separately, Barclays lifted their price objective on shares of WK Kellogg from $16.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Four analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $18.57.

Get Our Latest Stock Analysis on KLG

WK Kellogg Trading Down 4.5 %

Shares of NYSE:KLG opened at $15.59 on Wednesday. The stock has a market cap of $1.34 billion, a PE ratio of 19.99 and a beta of 0.72. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.49. WK Kellogg has a 12-month low of $12.32 and a 12-month high of $24.63. The business has a 50 day moving average of $18.68 and a 200-day moving average of $17.69.

WK Kellogg (NYSE:KLG – Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The firm had revenue of $689.00 million for the quarter, compared to analyst estimates of $674.10 million. During the same period in the prior year, the firm posted $0.49 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities research analysts forecast that WK Kellogg will post 1.49 earnings per share for the current year.

WK Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 4.11%. WK Kellogg’s dividend payout ratio is 82.05%.

Insiders Place Their Bets

In other news, Director G Zachary Gund purchased 65,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was bought at an average price of $17.76 per share, with a total value of $1,154,400.00. Following the acquisition, the director now owns 195,000 shares in the company, valued at approximately $3,463,200. The trade was a 50.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors increased its stake in shares of WK Kellogg by 12,352.1% in the 3rd quarter. Captrust Financial Advisors now owns 1,516,417 shares of the company’s stock valued at $25,946,000 after purchasing an additional 1,504,239 shares during the last quarter. Geode Capital Management LLC grew its position in WK Kellogg by 2.7% in the third quarter. Geode Capital Management LLC now owns 1,507,713 shares of the company’s stock valued at $25,802,000 after acquiring an additional 38,939 shares during the last quarter. AQR Capital Management LLC raised its stake in WK Kellogg by 579.1% during the second quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock worth $23,107,000 after acquiring an additional 1,197,133 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of WK Kellogg by 31.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,124,503 shares of the company’s stock worth $19,240,000 after acquiring an additional 266,877 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of WK Kellogg by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company’s stock valued at $19,036,000 after purchasing an additional 79,808 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors and hedge funds.

About WK Kellogg

(Get Free Report)

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.

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