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

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

WK Kellogg Stock Performance

KLG stock traded down $2.31 during mid-day trading on Wednesday, reaching $21.96. 1,214,591 shares of the stock traded hands, compared to its average volume of 1,129,888. The business has a 50-day moving average price of $19.42 and a two-hundred day moving average price of $14.89. The company has a current ratio of 0.84, a quick ratio of 0.43 and a debt-to-equity ratio of 1.62. WK Kellogg has a one year low of $9.65 and a one year high of $24.63.

WK Kellogg Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, May 31st.

Analysts Set New Price Targets

A number of analysts have recently issued reports on KLG shares. Evercore ISI increased their price objective 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. TD Cowen upped their price objective on WK Kellogg from $13.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday. BNP Paribas cut shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 price target on the stock. in a research note on Wednesday. Stifel Nicolaus lifted their target price on WK Kellogg from $20.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Barclays increased their price target on WK Kellogg from $12.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, April 12th. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price 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.