WK Kellogg (NYSE:KLG) Price Target Cut to $17.00 by Analysts at JPMorgan Chase & Co.

WK Kellogg (NYSE:KLG) had its price target decreased by JPMorgan Chase & Co. from $22.00 to $17.00 in a research note released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other research firms also recently weighed in on KLG. Barclays reduced 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 note on Friday, July 19th. TD Cowen lifted their target price on shares of WK Kellogg from $13.00 to $24.00 and gave the stock a hold rating in a research note on Wednesday, May 8th. Stifel Nicolaus reduced their price objective on shares of WK Kellogg from $22.00 to $18.00 and set a hold rating for the company in a research note on Tuesday, July 23rd. Evercore ISI boosted their price objective on shares of WK Kellogg from $21.00 to $23.00 and gave the company an in-line rating in a research note on Wednesday, May 8th. Finally, Bank of America cut shares of WK Kellogg from a neutral rating to an underperform rating and reduced their price objective for the company from $24.00 to $17.00 in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $17.40.

WK Kellogg Stock Up 1.7 %

Shares of KLG traded up $0.29 during trading hours on Wednesday, reaching $17.06. 772,016 shares of the stock traded hands, compared to its average volume of 1,126,073. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.53. The stock has a fifty day simple moving average of $17.09 and a 200 day simple moving average of $17.71. WK Kellogg has a 52 week low of $9.65 and a 52 week high of $24.63. The company has a market cap of $1.47 billion and a price-to-earnings ratio of 10.53.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $672.00 million for the quarter, compared to analyst estimates of $671.50 million. WK Kellogg’s quarterly revenue was down 4.0% on a year-over-year basis. On average, equities analysts forecast that WK Kellogg will post 1.53 EPS for the current year.

WK Kellogg Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 3.75%. WK Kellogg’s payout ratio is presently 39.51%.

Institutional Investors Weigh In On WK Kellogg

A number of hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its holdings in shares of WK Kellogg by 124.5% in the 2nd quarter. Renaissance Technologies LLC now owns 538,600 shares of the company’s stock worth $8,865,000 after acquiring an additional 298,700 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of WK Kellogg by 11.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 439,258 shares of the company’s stock worth $7,232,000 after acquiring an additional 46,735 shares during the last quarter. WINTON GROUP Ltd lifted its holdings in shares of WK Kellogg by 63.0% in the 2nd quarter. WINTON GROUP Ltd now owns 270,395 shares of the company’s stock worth $4,451,000 after acquiring an additional 104,533 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of WK Kellogg by 64.4% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 873,047 shares of the company’s stock worth $14,370,000 after acquiring an additional 341,939 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of WK Kellogg by 64,642.1% in the 2nd quarter. Acadian Asset Management LLC now owns 73,806 shares of the company’s stock worth $1,213,000 after acquiring an additional 73,692 shares during the last quarter. 95.74% of the stock is currently owned by 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.