WK Kellogg (NYSE:KLG) Posts Quarterly Earnings Results, Meets Estimates

WK Kellogg (NYSE:KLG) released its quarterly earnings data on Tuesday. The company reported $0.37 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.37, Briefing.com reports. The business had revenue of $707.00 million during the quarter, compared to analysts’ expectations of $697.83 million. The firm’s revenue was down .7% compared to the same quarter last year.

WK Kellogg Stock Down 8.4 %

NYSE KLG traded down $2.04 on Wednesday, reaching $22.23. 1,097,499 shares of the company were exchanged, compared to its average volume of 1,128,370. WK Kellogg has a fifty-two week low of $9.65 and a fifty-two week high of $24.63. The business’s fifty day moving average price is $19.42 and its 200 day moving average price is $14.89. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.43 and a current ratio of 0.84.

WK Kellogg Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, May 31st.

Analysts Set New Price Targets

KLG has been the subject of several research reports. Barclays upped their price target on shares of WK Kellogg from $12.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, April 12th. BNP Paribas cut WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 target price on the stock. in a research report on Wednesday. Stifel Nicolaus boosted their price target on WK Kellogg from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday. 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 note on Wednesday. Finally, Evercore ISI increased their price target on shares of WK Kellogg from $21.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.55.

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.