WK Kellogg (NYSE:KLG) Shares Up 8%

WK Kellogg Co (NYSE:KLG)’s stock price shot up 8% on Tuesday . The company traded as high as $23.79 and last traded at $23.78. 957,936 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 1,128,765 shares. The stock had previously closed at $22.01.

Analyst Upgrades and Downgrades

KLG has been the topic of several analyst reports. Stifel Nicolaus increased their target price on WK Kellogg from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Barclays raised their price target on WK Kellogg from $12.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.75.

WK Kellogg Trading Up 8.1 %

The firm has a 50-day moving average of $17.41 and a 200-day moving average of $13.85. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.84 and a quick ratio of 0.43.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.03). The firm had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $645.87 million. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, analysts forecast that WK Kellogg Co will post 1.51 EPS for the current year.

WK Kellogg Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.69%. The ex-dividend date was Thursday, February 29th.

Hedge Funds Weigh In On WK Kellogg

Institutional investors and hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp acquired a new stake in shares of WK Kellogg during the third quarter worth $685,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in WK Kellogg during the third quarter valued at $1,657,000. Diversified Trust Co acquired a new position in WK Kellogg during the fourth quarter valued at $147,000. Daymark Wealth Partners LLC acquired a new position in WK Kellogg during the fourth quarter valued at $976,000. Finally, Nordea Investment Management AB acquired a new position in WK Kellogg during the fourth quarter valued at $2,119,000. 95.74% of the stock is owned by hedge funds and other institutional investors.

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.