WK Kellogg (NYSE:KLG) Rating Increased to Hold at Zacks Research

WK Kellogg (NYSE:KLG) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. initiated coverage on WK Kellogg in a research report on Wednesday, August 20th. They set a “neutral” rating and a $23.00 target price on the stock. TD Cowen upgraded shares of WK Kellogg from a “sell” rating to a “hold” rating and increased their price objective for the company from $14.00 to $23.00 in a research note on Monday, July 14th. BNP Paribas set a $23.00 price objective on shares of WK Kellogg in a research note on Friday, July 11th. Wall Street Zen raised WK Kellogg from a “sell” rating to a “hold” rating in a research report on Sunday, July 13th. Finally, Barclays reissued an “underweight” rating and issued a $23.00 price objective (up previously from $16.00) on shares of WK Kellogg in a research report on Monday, July 14th. Eight analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $20.88.

WK Kellogg Price Performance

WK Kellogg stock opened at $22.98 on Monday. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 62.11 and a beta of 0.24. WK Kellogg has a 52-week low of $14.80 and a 52-week high of $23.56. The stock’s 50 day moving average price is $22.39 and its two-hundred day moving average price is $19.55. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.99.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The company had revenue of $611.52 million for the quarter, compared to the consensus estimate of $653.36 million. WK Kellogg had a return on equity of 31.34% and a net margin of 1.31%.WK Kellogg’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. On average, equities analysts predict that WK Kellogg will post 1.57 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Rosenberg Matthew Hamilton lifted its holdings in WK Kellogg by 594.1% during the 2nd quarter. Rosenberg Matthew Hamilton now owns 2,353 shares of the company’s stock worth $38,000 after purchasing an additional 2,014 shares in the last quarter. Rexford Capital Inc. purchased a new stake in WK Kellogg during the 2nd quarter worth about $42,000. Curat Global LLC purchased a new stake in WK Kellogg during the 1st quarter worth about $66,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in WK Kellogg by 1,030.8% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,675 shares of the company’s stock worth $73,000 after purchasing an additional 3,350 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in WK Kellogg during the 1st quarter worth about $87,000. 95.74% of the stock is 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.