Barclays Forecasts Strong Price Appreciation for WK Kellogg (NYSE:KLG) Stock

WK Kellogg (NYSE:KLG) had its price objective raised by equities research analysts at Barclays from $16.00 to $19.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s target price indicates a potential upside of 8.26% from the company’s previous close.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their price objective on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus reduced their target price on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.88.

WK Kellogg Stock Performance

KLG opened at $17.55 on Monday. The company has a market cap of $1.51 billion and a price-to-earnings ratio of 23.09. The firm’s fifty day simple moving average is $17.54 and its two-hundred day simple moving average is $18.06. The company has a quick ratio of 0.36, a current ratio of 0.78 and a debt-to-equity ratio of 1.49. WK Kellogg has a 52-week low of $10.33 and a 52-week high of $24.63.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data 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. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company had revenue of $689.00 million for the quarter, compared to analysts’ expectations of $674.10 million. During the same period in the previous year, the firm posted $0.49 EPS. WK Kellogg’s revenue was down .4% compared to the same quarter last year. Equities analysts anticipate that WK Kellogg will post 1.52 earnings per share for the current fiscal year.

Institutional Trading of WK Kellogg

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in shares of WK Kellogg by 579.1% in the second quarter. AQR Capital Management LLC now owns 1,403,854 shares of the company’s stock valued at $23,107,000 after purchasing an additional 1,197,133 shares during the period. Rodgers Brothers Inc. boosted its holdings in WK Kellogg by 2,253.3% in the 1st quarter. Rodgers Brothers Inc. now owns 623,468 shares of the company’s stock valued at $11,721,000 after purchasing an additional 596,975 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of WK Kellogg by 1,876.1% in the 1st quarter. Jupiter Asset Management Ltd. now owns 531,108 shares of the company’s stock valued at $9,985,000 after buying an additional 504,232 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of WK Kellogg in the 1st quarter valued at approximately $8,998,000. Finally, Renaissance Technologies LLC increased its holdings in shares of WK Kellogg by 124.5% during the 2nd quarter. Renaissance Technologies LLC now owns 538,600 shares of the company’s stock worth $8,865,000 after buying an additional 298,700 shares during the last quarter. 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.