WK Kellogg (NYSE:KLG) Shares Down 7.9% - Here's What Happened

WK Kellogg Co (NYSE:KLG - Get Free Report)'s stock price was down 7.9% during trading on Friday . The stock traded as low as $18.05 and last traded at $18.09. Approximately 347,868 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 1,030,230 shares. The stock had previously closed at $19.65.

Analyst Ratings Changes

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, July 19th. Stifel Nicolaus reduced their target price on WK Kellogg from $22.00 to $18.00 and set a "hold" rating for the company in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of WK Kellogg from $22.00 to $17.00 and set a "neutral" rating for the company in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $18.50.

WK Kellogg Trading Down 8.1 %

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 firm's 50 day moving average is $17.52 and its two-hundred day moving average is $18.15. The stock has a market cap of $1.55 billion and a price-to-earnings ratio of 12.89.

WK Kellogg (NYSE:KLG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.05. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The business had revenue of $689.00 million for the quarter, compared to analysts' expectations of $674.10 million. During the same period in the prior year, the firm earned $0.49 EPS. The business's quarterly revenue was down .4% on a year-over-year basis. Equities analysts anticipate that WK Kellogg Co will post 1.5 EPS for the current year.

WK Kellogg Announces Dividend

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

Institutional Trading of WK Kellogg

A number of large investors have recently modified their holdings of KLG. Seven Eight Capital LP acquired a new stake in shares of WK Kellogg in the second quarter valued at approximately $577,000. Abundance Wealth Counselors acquired a new stake in WK Kellogg in the 2nd quarter valued at approximately $613,000. Jupiter Asset Management Ltd. raised its stake in WK Kellogg by 1,876.1% during the 1st quarter. Jupiter Asset Management Ltd. now owns 531,108 shares of the company's stock valued at $9,985,000 after acquiring an additional 504,232 shares in the last quarter. Atlas Financial Advisors Inc. acquired a new position in WK Kellogg during the 3rd quarter worth $818,000. Finally, Acadian Asset Management LLC grew its stake in shares of WK Kellogg by 64,642.1% in the second quarter. Acadian Asset Management LLC now owns 73,806 shares of the company's stock worth $1,213,000 after purchasing an additional 73,692 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.