WK Kellogg (NYSE:KLG) Rating Lowered to “Sell” at TD Cowen

TD Cowen downgraded shares of WK Kellogg (NYSE:KLG) from a hold rating to a sell rating in a research note released on Wednesday, MarketBeat.com reports. TD Cowen currently has $16.00 price target on the stock, down from their previous price target of $18.00.

Separately, Barclays boosted their price target on WK Kellogg from $16.00 to $19.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Four research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, WK Kellogg currently has an average rating of “Reduce” and a consensus target price of $18.57.

WK Kellogg Stock Down 6.8 %

KLG opened at $16.31 on Wednesday. The firm has a market cap of $1.40 billion, a P/E ratio of 20.91 and a beta of 0.72. The business’s fifty day simple moving average is $18.71 and its 200 day simple moving average is $17.71. WK Kellogg has a 52 week low of $12.32 and a 52 week high of $24.63. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.49.

WK Kellogg (NYSE:KLG) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.05. The company had revenue of $689.00 million for the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a net margin of 2.50% and a return on equity of 33.41%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the company earned $0.49 EPS. As a group, equities research analysts anticipate that WK Kellogg will post 1.49 EPS for the current fiscal year.

WK Kellogg Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date was Friday, November 29th. WK Kellogg’s dividend payout ratio (DPR) is presently 82.05%.

Insiders Place Their Bets

In other WK Kellogg news, Director G Zachary Gund purchased 65,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was purchased at an average cost of $17.76 per share, with a total value of $1,154,400.00. Following the transaction, the director now owns 195,000 shares in the company, valued at approximately $3,463,200. This trade represents a 50.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KLG. GAMMA Investing LLC boosted its stake in shares of WK Kellogg by 88.6% in the third quarter. GAMMA Investing LLC now owns 1,890 shares of the company’s stock valued at $32,000 after purchasing an additional 888 shares during the period. Abich Financial Wealth Management LLC boosted its position in WK Kellogg by 3,575.4% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 4,484 shares of the company’s stock valued at $77,000 after buying an additional 4,362 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of WK Kellogg by 1,724.1% during the third quarter. International Assets Investment Management LLC now owns 4,688 shares of the company’s stock valued at $80,000 after acquiring an additional 4,431 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of WK Kellogg during the third quarter worth about $99,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of WK Kellogg by 65.1% in the third quarter. Nisa Investment Advisors LLC now owns 8,802 shares of the company’s stock worth $151,000 after acquiring an additional 3,471 shares in the last quarter. Institutional investors and hedge funds own 95.74% of the company’s stock.

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.