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

WK Kellogg (NYSE:KLG - Get Free Report) was downgraded by TD Cowen from a "hold" rating to a "sell" rating in a report issued on Wednesday, Marketbeat reports. They currently have a $16.00 target price on the stock, down from their previous target price of $18.00. TD Cowen's target price would indicate a potential downside of 1.90% from the stock's previous close.

Separately, Barclays upped their price target on shares of WK Kellogg from $16.00 to $19.00 and gave the company an "underweight" rating in a research report on Monday, November 11th. Four analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $18.57.

WK Kellogg Price Performance

Shares of KLG traded down $1.19 during trading hours on Wednesday, reaching $16.31. The stock had a trading volume of 1,932,322 shares, compared to its average volume of 1,061,599. The stock has a market capitalization of $1.40 billion, a PE ratio of 20.91 and a beta of 0.72. WK Kellogg has a 12 month low of $12.32 and a 12 month high of $24.63. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78. The company's 50-day moving average is $18.72 and its two-hundred day moving average is $17.72.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly 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 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 last year, the firm posted $0.49 earnings per share. The business's revenue for the quarter was down .4% on a year-over-year basis. Research analysts expect that WK Kellogg will post 1.49 EPS for the current year.

Insider Transactions at WK Kellogg

In other news, Director G Zachary Gund bought 65,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was acquired at an average price of $17.94 per share, with a total value of $1,166,100.00. Following the completion of the purchase, the director now directly owns 65,000 shares of the company's stock, valued at approximately $1,166,100. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.90% of the company's stock.

Institutional Trading of WK Kellogg

A number of large investors have recently bought and sold shares of KLG. CWA Asset Management Group LLC lifted its stake in shares of WK Kellogg by 191.9% in the 4th quarter. CWA Asset Management Group LLC now owns 49,010 shares of the company's stock valued at $882,000 after purchasing an additional 32,218 shares during the period. Nordea Investment Management AB lifted its stake in WK Kellogg by 11.1% in the fourth quarter. Nordea Investment Management AB now owns 61,249 shares of the company's stock valued at $1,109,000 after buying an additional 6,135 shares during the period. GAMMA Investing LLC lifted its stake in WK Kellogg by 49.4% in the fourth quarter. GAMMA Investing LLC now owns 2,823 shares of the company's stock valued at $51,000 after buying an additional 933 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of WK Kellogg by 69.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 313,182 shares of the company's stock worth $5,359,000 after buying an additional 127,984 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in shares of WK Kellogg by 13.3% during the 3rd quarter. Franklin Resources Inc. now owns 170,161 shares of the company's stock worth $3,010,000 after buying an additional 20,033 shares during the period. 95.74% of the stock is currently owned by institutional investors and hedge funds.

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.