WK Kellogg Co (NYSE:KLG) Raises Dividend to $0.17 Per Share

WK Kellogg Co (NYSE:KLG) announced a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Shareholders of record on Friday, February 28th will be paid a dividend of 0.165 per share on Friday, March 14th. This represents a $0.66 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend is Friday, February 28th. This is an increase 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 research 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 Price Performance

NYSE:KLG traded up $0.19 during mid-day trading on Friday, hitting $16.47. The company’s stock had a trading volume of 1,033,000 shares, compared to its average volume of 995,951. WK Kellogg has a fifty-two week low of $12.32 and a fifty-two week high of $24.63. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.49. The stock has a fifty day moving average of $17.96 and a 200-day moving average of $17.69. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 21.12 and a beta of 0.71.

WK Kellogg (NYSE:KLG) last issued its earnings results on Thursday, November 7th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.26 by $0.05. The company had revenue of $689.00 million during the quarter, compared to analysts’ expectations of $674.10 million. WK Kellogg had a net margin of 2.50% and a return on equity of 33.41%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. As a group, equities analysts forecast that WK Kellogg will post 1.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, Director G Zachary Gund bought 65,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was acquired at an average cost of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the transaction, the director now directly owns 195,000 shares in the company, valued at $3,463,200. This trade represents a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.90% of the stock is owned by company insiders.

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.