WK Kellogg (NYSE:KLG) Releases Earnings Results, Beats Estimates By $0.05 EPS

WK Kellogg (NYSE:KLG) announced its earnings results on Thursday. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.05, Briefing.com reports. The company had revenue of $689.00 million for the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. WK Kellogg’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.49 earnings per share. WK Kellogg updated its FY 2024 guidance to EPS.

WK Kellogg Stock Performance

KLG traded down $1.60 during trading hours on Friday, hitting $18.05. The stock had a trading volume of 1,507,698 shares, compared to its average volume of 1,035,856. WK Kellogg has a 1 year low of $10.11 and a 1 year high of $24.63. The company’s fifty day simple moving average is $17.51 and its 200 day simple moving average is $18.21. The stock has a market cap of $1.55 billion and a PE ratio of 12.92. The company has a quick ratio of 0.36, a current ratio of 0.83 and a debt-to-equity ratio of 1.42.

WK Kellogg Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.55%. WK Kellogg’s dividend payout ratio is presently 45.71%.

Analysts Set New Price Targets

Several research firms recently weighed in on KLG. JPMorgan Chase & Co. cut their price target on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus cut their target price on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a research note on Tuesday, July 23rd. Finally, Barclays reduced their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, July 19th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, WK Kellogg currently has an average rating of “Hold” and an average target price of $18.50.

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.