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

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

WK Kellogg Price Performance

NYSE:KLG traded down $1.60 on Friday, reaching $18.05. The stock had a trading volume of 1,507,712 shares, compared to its average volume of 651,674. The company has a quick ratio of 0.36, a current ratio of 0.83 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $1.55 billion and a P/E ratio of 12.89. WK Kellogg has a 1-year low of $10.11 and a 1-year high of $24.63. The stock has a fifty day moving average price of $17.52 and a 200-day moving average price of $18.15.

WK Kellogg Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Friday, November 29th. WK Kellogg's payout ratio is 45.71%.

Wall Street Analyst Weigh In

KLG has been the topic of several recent research reports. Barclays decreased their price objective on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating on the stock in a report on Friday, July 19th. JPMorgan Chase & Co. decreased their price target on shares of WK Kellogg from $22.00 to $17.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus lowered their price target on shares of WK Kellogg from $22.00 to $18.00 and set a "hold" rating on the stock in a report on Tuesday, July 23rd. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $18.50.

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.