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

WK Kellogg Co (NYSE:KLG) declared a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Shareholders 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 yield of 4.01%. The ex-dividend date is Friday, February 28th. This is an increase from WK Kellogg’s previous quarterly dividend of $0.16.

WK Kellogg has a dividend 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

Shares of WK Kellogg stock traded up $0.19 during mid-day trading on Friday, reaching $16.47. 1,033,000 shares of the stock traded hands, compared to its average volume of 995,951. The stock has a market capitalization of $1.42 billion, a PE ratio of 21.12 and a beta of 0.71. WK Kellogg has a fifty-two week low of $12.32 and a fifty-two week high of $24.63. The business has a 50-day moving average of $17.96 and a 200 day moving average of $17.69. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.49.

WK Kellogg (NYSE:KLG) last issued its earnings results on Thursday, November 7th. The company reported $0.31 earnings per share (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 return on equity of 33.41% and a net margin of 2.50%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business earned $0.49 EPS. On average, analysts predict that WK Kellogg will post 1.48 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TD Cowen cut shares of WK Kellogg from a “hold” rating to a “sell” rating and cut their price objective for the stock from $18.00 to $16.00 in a research report on Wednesday, January 8th. Barclays cut their price target on shares of 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 on the stock in a report on Tuesday, January 28th. Finally, Stifel Nicolaus cut their target price on WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Friday, January 24th. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.88.

Insider Activity at WK Kellogg

In related news, Director G Zachary Gund bought 65,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was purchased at an average cost of $17.76 per share, for a total transaction of $1,154,400.00. Following the completion of the acquisition, the director now owns 195,000 shares in the company, valued at approximately $3,463,200. This trade represents a 50.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.90% of the company’s stock.

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.