WK Kellogg (NYSE:KLG) Stock Price Down 2.7% - What's Next?

WK Kellogg Co (NYSE:KLG - Get Free Report)'s share price dropped 2.7% on Wednesday . The stock traded as low as $19.50 and last traded at $19.46. Approximately 37,358 shares were traded during trading, a decline of 97% from the average daily volume of 1,124,474 shares. The stock had previously closed at $20.00.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Barclays reduced their price target on WK Kellogg from $19.00 to $16.00 and set an "underweight" rating for the company in a report on Friday, January 17th. Stifel Nicolaus decreased their price target on shares of WK Kellogg from $19.00 to $18.00 and set a "hold" rating for the company in a research report on Friday, January 24th. Jefferies Financial Group dropped their price target on shares of WK Kellogg from $19.00 to $16.00 and set a "hold" rating for the company in a research note on Tuesday, January 28th. Finally, TD Cowen downgraded shares of WK Kellogg from a "hold" rating to a "sell" rating and reduced their price objective for the company from $18.00 to $16.00 in a research note on Wednesday, January 8th. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $17.88.

WK Kellogg Trading Up 0.1 %

The stock has a market cap of $1.61 billion, a P/E ratio of 23.10, a price-to-earnings-growth ratio of 2.01 and a beta of 0.30. The firm's 50 day simple moving average is $18.23 and its two-hundred day simple moving average is $18.19. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45.

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WK Kellogg (NYSE:KLG - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. As a group, equities research analysts predict that WK Kellogg Co will post 1.57 earnings per share for the current fiscal year.

WK Kellogg Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.53%. This is a boost from WK Kellogg's previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 28th. WK Kellogg's dividend payout ratio is presently 81.48%.

Hedge Funds Weigh In On WK Kellogg

Several hedge funds and other institutional investors have recently modified their holdings of KLG. Keybank National Association OH raised its holdings in shares of WK Kellogg by 1.1% during the fourth quarter. Keybank National Association OH now owns 4,925,470 shares of the company's stock valued at $88,609,000 after buying an additional 52,129 shares during the last quarter. Capital International Investors increased its holdings in shares of WK Kellogg by 149.8% during the fourth quarter. Capital International Investors now owns 4,186,763 shares of the company's stock valued at $75,320,000 after purchasing an additional 2,510,779 shares during the period. Jupiter Asset Management Ltd. raised its stake in shares of WK Kellogg by 172.9% during the fourth quarter. Jupiter Asset Management Ltd. now owns 2,494,881 shares of the company's stock valued at $44,883,000 after purchasing an additional 1,580,704 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in WK Kellogg by 0.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,827,524 shares of the company's stock worth $32,877,000 after purchasing an additional 17,088 shares during the period. Finally, Captrust Financial Advisors increased its stake in WK Kellogg by 12.5% during the 4th quarter. Captrust Financial Advisors now owns 1,705,509 shares of the company's stock valued at $30,682,000 after buying an additional 189,092 shares during the period. 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.