WK Kellogg (NYSE:KLG) Announces Earnings Results, Beats Estimates By $0.05 EPS

WK Kellogg (NYSE:KLG) announced its quarterly earnings data on Thursday. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.05, Briefing.com reports. The company had revenue of $689.00 million for the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a net margin of 4.45% and a return on equity of 42.12%. The business’s revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. WK Kellogg updated its FY 2024 guidance to EPS.

WK Kellogg Trading Down 8.1 %

WK Kellogg stock traded down $1.60 during mid-day trading on Friday, hitting $18.05. The stock had a trading volume of 1,507,564 shares, compared to its average volume of 1,035,855. The stock has a market capitalization of $1.55 billion and a PE ratio of 12.92. WK Kellogg has a 12 month low of $10.11 and a 12 month high of $24.63. The company has a current ratio of 0.83, a quick ratio of 0.36 and a debt-to-equity ratio of 1.42. The stock has a 50-day simple moving average of $17.51 and a two-hundred day simple moving average of $18.21.

WK Kellogg Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.55%. WK Kellogg’s payout ratio is currently 45.71%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus reduced their price objective on WK Kellogg from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Finally, Barclays lowered their target price on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, July 19th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, WK Kellogg has a consensus rating of “Hold” and a consensus target price of $18.50.

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.