WK Kellogg (NYSE:KLG) Downgraded by TD Cowen to “Sell”

TD Cowen lowered shares of WK Kellogg (NYSE:KLG) from a hold rating to a sell rating in a research report report published on Wednesday morning, Marketbeat reports. TD Cowen currently has $16.00 price objective on the stock, down from their prior price objective of $18.00.

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

WK Kellogg Stock Down 6.8 %

KLG stock opened at $16.31 on Wednesday. The company has a market cap of $1.40 billion, a price-to-earnings ratio of 20.91 and a beta of 0.72. The company has a fifty day moving average price of $18.71 and a 200 day moving average price of $17.71. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.78 and a quick ratio of 0.34. WK Kellogg has a 12 month low of $12.32 and a 12 month high of $24.63.

WK Kellogg (NYSE:KLG) last announced its earnings results 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 net margin of 2.50% and a return on equity of 33.41%. The business had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $674.10 million. During the same period in the prior year, the company earned $0.49 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. Sell-side analysts expect that WK Kellogg will post 1.49 earnings per share for the current year.

WK Kellogg Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date was Friday, November 29th. WK Kellogg’s dividend payout ratio is presently 82.05%.

Insiders Place Their Bets

In related news, Director G Zachary Gund bought 65,000 shares of the firm’s stock in a transaction 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 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.90% of the stock is currently owned by insiders.

Institutional Trading of WK Kellogg

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. CWA Asset Management Group LLC boosted its position in WK Kellogg by 191.9% during the fourth quarter. CWA Asset Management Group LLC now owns 49,010 shares of the company’s stock worth $882,000 after purchasing an additional 32,218 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of WK Kellogg by 11.1% during the 4th quarter. Nordea Investment Management AB now owns 61,249 shares of the company’s stock worth $1,109,000 after buying an additional 6,135 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of WK Kellogg by 49.4% in the 4th quarter. GAMMA Investing LLC now owns 2,823 shares of the company’s stock worth $51,000 after buying an additional 933 shares in the last quarter. JPMorgan Chase & Co. grew its stake in WK Kellogg by 69.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 313,182 shares of the company’s stock valued at $5,359,000 after acquiring an additional 127,984 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in WK Kellogg by 13.3% during the 3rd quarter. Franklin Resources Inc. now owns 170,161 shares of the company’s stock valued at $3,010,000 after acquiring an additional 20,033 shares in the last quarter. Institutional investors and hedge funds 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.