WK Kellogg (NYSE:KLG) Trading Down 2.7% – Time to Sell?

Shares of WK Kellogg Co (NYSE:KLG) dropped 2.7% on Wednesday . The stock traded as low as $19.50 and last traded at $19.46. Approximately 37,358 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 1,124,474 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

KLG has been the subject of a number of recent research reports. TD Cowen cut shares of WK Kellogg from a “hold” rating to a “sell” rating and decreased their price target for the stock from $18.00 to $16.00 in a research note on Wednesday, January 8th. Jefferies Financial Group decreased their target price on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. Barclays dropped their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Finally, Stifel Nicolaus decreased their price objective on WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, January 24th. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, WK Kellogg presently has an average rating of “Hold” and an average price target of $17.88.

WK Kellogg Price Performance

The stock has a fifty day moving average of $18.07 and a two-hundred day moving average of $18.15. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 2.01 and a beta of 0.30. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. On average, equities research analysts anticipate that WK Kellogg Co will post 1.57 earnings per share for the current year.

WK Kellogg Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.52%. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 28th. WK Kellogg’s dividend payout ratio (DPR) is presently 81.48%.

Institutional Investors Weigh In On WK Kellogg

Several institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its holdings in shares of WK Kellogg by 1,217.5% in the fourth quarter. Victory Capital Management Inc. now owns 233,997 shares of the company’s stock worth $4,210,000 after acquiring an additional 216,236 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in shares of WK Kellogg during the fourth quarter worth about $2,022,000. Royce & Associates LP raised its position in shares of WK Kellogg by 199.8% in the third quarter. Royce & Associates LP now owns 71,987 shares of the company’s stock valued at $1,232,000 after buying an additional 47,973 shares during the last quarter. Barclays PLC lifted its stake in shares of WK Kellogg by 406.6% during the third quarter. Barclays PLC now owns 128,710 shares of the company’s stock valued at $2,202,000 after buying an additional 103,301 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of WK Kellogg by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,112,558 shares of the company’s stock valued at $19,036,000 after buying an additional 79,808 shares during the period. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

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.