WK Kellogg Co (NYSE:KLG) Declares Quarterly Dividend of $0.17

WK Kellogg Co (NYSE:KLG) announced a quarterly dividend on Friday, February 7th,Wall Street Journal reports. Stockholders of record on Friday, February 28th will be given a dividend of 0.165 per share on Friday, March 14th. This represents a $0.66 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Friday, February 28th. This is a positive change from WK Kellogg’s previous quarterly dividend of $0.16.

WK Kellogg has a payout ratio of 35.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect WK Kellogg to earn $1.43 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 44.8%.

WK Kellogg Stock Up 1.1 %

Shares of NYSE KLG traded up $0.19 during midday trading on Friday, hitting $16.47. 579,947 shares of the stock traded hands, compared to its average volume of 976,142. The company has a market cap of $1.42 billion, a PE ratio of 21.20 and a beta of 0.71. WK Kellogg has a one year low of $12.32 and a one year high of $24.63. The business has a 50 day moving average price of $17.96 and a two-hundred day moving average price of $17.69. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.34 and a current ratio of 0.78.

WK Kellogg (NYSE:KLG) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05. The firm had revenue of $689.00 million during the quarter, compared to the consensus estimate of $674.10 million. WK Kellogg had a return on equity of 33.41% and a net margin of 2.50%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.49 earnings per share. On average, equities analysts predict that WK Kellogg will post 1.48 EPS for the current year.

Insiders Place Their Bets

In other news, Director G Zachary Gund purchased 65,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were purchased at an average price of $17.76 per share, with a total value of $1,154,400.00. Following the transaction, the director now directly owns 195,000 shares of the company’s stock, valued at approximately $3,463,200. This represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barclays decreased their price objective on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Jefferies Financial Group decreased their price objective on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Stifel Nicolaus cut their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, January 24th. Finally, TD Cowen cut WK Kellogg from a “hold” rating to a “sell” rating and cut their target price for the company from $18.00 to $16.00 in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat.com, WK Kellogg currently has a consensus rating of “Hold” and a consensus target price of $17.88.

WK Kellogg Company Profile

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.