WK Kellogg Co (NYSE:KLG) Sees Significant Growth in Short Interest

WK Kellogg Co (NYSE:KLG - Get Free Report) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totalling 8,970,000 shares, an increase of 14.0% from the July 31st total of 7,870,000 shares. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 8.3 days. Approximately 13.8% of the shares of the company are sold short.

WK Kellogg Price Performance

Shares of KLG stock traded up $0.28 on Friday, reaching $17.17. The company's stock had a trading volume of 745,330 shares, compared to its average volume of 1,105,337. The stock's fifty day simple moving average is $16.84 and its 200-day simple moving average is $18.18. WK Kellogg has a 1 year low of $9.65 and a 1 year high of $24.63. The company has a market capitalization of $1.47 billion and a price-to-earnings ratio of 10.60. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.53.

WK Kellogg (NYSE:KLG - Get Free Report) last issued 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). The business had revenue of $672.00 million for the quarter, compared to analyst estimates of $671.50 million. WK Kellogg's revenue was down 4.0% compared to the same quarter last year. Analysts forecast that WK Kellogg will post 1.53 earnings per share for the current fiscal year.

WK Kellogg Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 3.73%. WK Kellogg's payout ratio is currently 39.51%.

Analyst Upgrades and Downgrades

A number of research firms have commented on KLG. Stifel Nicolaus decreased their target price on shares of WK Kellogg from $22.00 to $18.00 and set a "hold" rating on the stock in a research note on Tuesday, July 23rd. BNP Paribas lowered WK Kellogg from a "neutral" rating to an "underperform" rating and set a $20.00 price target for the company. in a research note on Wednesday, May 8th. Barclays lowered their price objective on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday, July 19th. Evercore ISI boosted their price target on WK Kellogg from $21.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, May 8th. Finally, Bank of America cut shares of WK Kellogg from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $24.00 to $17.00 in a research report on Wednesday, July 10th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat, WK Kellogg presently has a consensus rating of "Hold" and a consensus price target of $17.40.

Institutional Investors Weigh In On WK Kellogg

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp lifted its holdings in shares of WK Kellogg by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 57,706 shares of the company's stock worth $1,085,000 after acquiring an additional 754 shares during the last quarter. Ancora Advisors LLC lifted its stake in WK Kellogg by 0.5% in the first quarter. Ancora Advisors LLC now owns 318,596 shares of the company's stock worth $5,990,000 after purchasing an additional 1,550 shares during the last quarter. Alpha Omega Wealth Management LLC boosted its position in shares of WK Kellogg by 15.2% during the first quarter. Alpha Omega Wealth Management LLC now owns 13,080 shares of the company's stock valued at $246,000 after buying an additional 1,725 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new position in shares of WK Kellogg during the fourth quarter valued at approximately $26,000. Finally, Westhampton Capital LLC grew its stake in shares of WK Kellogg by 2.5% during the first quarter. Westhampton Capital LLC now owns 83,494 shares of the company's stock valued at $1,570,000 after buying an additional 2,000 shares during the last quarter. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

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.