WK Kellogg (NYSE:KLG) Shares Gap Down to $17.39

WK Kellogg Co (NYSE:KLG)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $17.39, but opened at $16.60. WK Kellogg shares last traded at $16.46, with a volume of 62,808 shares.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays dropped their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, July 19th. Bank of America downgraded WK Kellogg from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $24.00 to $17.00 in a report on Wednesday, July 10th. Evercore ISI raised their target price on WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, May 8th. BNP Paribas cut 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. Finally, TD Cowen boosted their price objective on shares of WK Kellogg from $13.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, May 8th. Four investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.80.

WK Kellogg Price Performance

The firm has a fifty day moving average price of $17.27 and a 200 day moving average price of $17.67. The company has a quick ratio of 0.43, a current ratio of 0.84 and a debt-to-equity ratio of 1.53.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $707.00 million during the quarter, compared to the consensus estimate of $697.83 million. The business’s revenue for the quarter was down .7% compared to the same quarter last year. On average, sell-side analysts forecast that WK Kellogg Co will post 1.53 earnings per share for the current year.

WK Kellogg Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, August 29th.

Institutional Trading of WK Kellogg

Several hedge funds and other institutional investors have recently modified their holdings of KLG. State of Alaska Department of Revenue bought a new stake in shares of WK Kellogg during the fourth quarter worth approximately $533,000. Fifth Third Bancorp bought a new stake in WK Kellogg in the 4th quarter valued at $32,000. Arizona State Retirement System acquired a new position in WK Kellogg in the 4th quarter valued at $267,000. Asset Management One Co. Ltd. bought a new position in WK Kellogg during the 4th quarter worth $221,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of WK Kellogg during the fourth quarter worth $44,000. Institutional investors own 95.74% of the company’s stock.

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.