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

WK Kellogg (NYSE:KLG) was downgraded by equities researchers at TD Cowen from a “hold” rating to a “sell” rating in a research note issued on Wednesday, MarketBeat reports. They presently have a $16.00 target price on the stock, down from their previous target price of $18.00. TD Cowen’s price objective suggests a potential downside of 1.90% from the stock’s previous close.

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

WK Kellogg Price Performance

Shares of KLG opened at $16.31 on Wednesday. The company has a 50 day moving average of $18.70 and a 200-day moving average of $17.70. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $1.40 billion, a P/E ratio of 20.91 and a beta of 0.72. WK Kellogg has a twelve month low of $12.32 and a twelve month high of $24.63.

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

Insiders Place Their Bets

In related news, Director G Zachary Gund acquired 65,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were purchased at an average cost of $17.94 per share, for a total transaction of $1,166,100.00. Following the completion of the acquisition, the director now directly owns 65,000 shares in the company, valued at approximately $1,166,100. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.90% of the company’s stock.

Institutional Trading of WK Kellogg

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers raised its holdings in WK Kellogg by 13.7% in the 2nd quarter. Rhumbline Advisers now owns 195,148 shares of the company’s stock valued at $3,212,000 after acquiring an additional 23,445 shares during the period. Acadian Asset Management LLC increased its stake in shares of WK Kellogg by 64,642.1% during the second quarter. Acadian Asset Management LLC now owns 73,806 shares of the company’s stock worth $1,213,000 after purchasing an additional 73,692 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in WK Kellogg by 64.4% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 873,047 shares of the company’s stock worth $14,370,000 after purchasing an additional 341,939 shares during the last quarter. WINTON GROUP Ltd boosted its stake in WK Kellogg by 63.0% in the 2nd quarter. WINTON GROUP Ltd now owns 270,395 shares of the company’s stock valued at $4,451,000 after purchasing an additional 104,533 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in WK Kellogg by 11.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 439,258 shares of the company’s stock valued at $7,232,000 after buying an additional 46,735 shares in the last quarter. Institutional investors and hedge funds own 95.74% of the company’s stock.

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.