WK Kellogg (NYSE:KLG) Cut to Underperform at Bank of America

Bank of America downgraded shares of WK Kellogg (NYSE:KLG) from a neutral rating to an underperform rating in a research report report published on Wednesday, MarketBeat Ratings reports. Bank of America currently has $17.00 price target on the stock, down from their previous price target of $24.00.

Several other equities analysts also recently weighed in on the company. TD Cowen lifted their target price on WK Kellogg from $13.00 to $24.00 and gave the company a hold rating in a research report on Wednesday, May 8th. Evercore ISI upped their target price on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an in-line rating in a research note on Wednesday, May 8th. BNP Paribas lowered shares of WK Kellogg from a neutral rating to an underperform rating and set a $20.00 target price on the stock. in a report on Wednesday, May 8th. Stifel Nicolaus boosted their price target on shares of WK Kellogg from $20.00 to $22.00 and gave the stock a hold rating in a research note on Wednesday, May 8th. Finally, Barclays increased their price objective on WK Kellogg from $15.00 to $19.00 and gave the company an underweight rating in a research note on Thursday, May 9th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $17.50.

WK Kellogg Price Performance

Shares of KLG stock opened at $15.61 on Wednesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.43 and a current ratio of 0.84. The firm’s 50 day moving average price is $18.84 and its 200-day moving average price is $17.20. WK Kellogg has a one year low of $9.65 and a one year high of $24.63.

WK Kellogg (NYSE:KLG) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.37 EPS for the quarter, hitting analysts’ consensus estimates of $0.37. The firm had revenue of $707.00 million for the quarter, compared to analyst estimates of $697.83 million. The business’s revenue for the quarter was down .7% compared to the same quarter last year. On average, research analysts forecast that WK Kellogg will post 1.54 earnings per share for the current year.

WK Kellogg Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 4.10%. The ex-dividend date was Friday, May 31st.

Hedge Funds Weigh In On WK Kellogg

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kellogg W K Foundation Trust purchased a new stake in shares of WK Kellogg during the 4th quarter worth approximately $177,458,000. Massachusetts Financial Services Co. MA acquired a new position in WK Kellogg in the fourth quarter valued at $18,412,000. Beutel Goodman & Co Ltd. purchased a new position in shares of WK Kellogg during the fourth quarter worth about $13,730,000. London & Capital Asset Management Ltd acquired a new stake in shares of WK Kellogg during the fourth quarter worth about $10,363,000. Finally, Private Management Group Inc. purchased a new stake in shares of WK Kellogg in the 4th quarter valued at about $8,956,000. 95.74% of the stock is owned by institutional investors and hedge funds.

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.