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

WK Kellogg (NYSE:KLG) issued its quarterly earnings results on Thursday. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05, Briefing.com reports. The business had revenue of $689.00 million for the quarter, compared to the consensus estimate of $674.10 million. WK Kellogg had a return on equity of 42.12% and a net margin of 4.45%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.49 earnings per share. WK Kellogg updated its FY 2024 guidance to EPS.

WK Kellogg Stock Down 8.1 %

NYSE:KLG traded down $1.60 during trading hours on Friday, reaching $18.05. The company had a trading volume of 1,507,698 shares, compared to its average volume of 1,035,856. The business’s 50-day simple moving average is $17.51 and its two-hundred day simple moving average is $18.21. WK Kellogg has a twelve month low of $10.11 and a twelve month high of $24.63. The firm has a market cap of $1.55 billion and a price-to-earnings ratio of 12.92. The company has a quick ratio of 0.36, a current ratio of 0.83 and a debt-to-equity ratio of 1.42.

WK Kellogg Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on KLG. Stifel Nicolaus decreased their price target on WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. reduced 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 report on Wednesday, August 7th. Finally, Barclays cut their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg currently has a consensus rating of “Hold” and a consensus price target of $18.50.

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.