WK Kellogg Co (NYSE:KLG) to Issue Quarterly Dividend of $0.16

WK Kellogg Co (NYSE:KLG) announced a quarterly dividend on Thursday, October 31st,RTT News reports. Stockholders of record on Friday, November 29th will be paid a dividend of 0.16 per share on Friday, December 13th. This represents a $0.64 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, November 29th.

WK Kellogg has a payout ratio of 43.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect WK Kellogg to earn $1.46 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 43.8%.

WK Kellogg Stock Performance

Shares of KLG stock opened at $21.56 on Thursday. The firm has a market cap of $1.86 billion and a price-to-earnings ratio of 27.64. WK Kellogg has a 52-week low of $10.99 and a 52-week high of $24.63. The company has a quick ratio of 0.34, a current ratio of 0.78 and a debt-to-equity ratio of 1.49. The company’s 50 day moving average is $17.63 and its 200 day moving average is $17.69.

WK Kellogg (NYSE:KLG) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $689.00 million for 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 business’s revenue was down .4% compared to the same quarter last year. During the same period last year, the business posted $0.49 EPS. On average, sell-side analysts anticipate that WK Kellogg will post 1.49 EPS for the current fiscal year.

Insider Activity

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

Analyst Upgrades and Downgrades

Several research firms have commented on KLG. JPMorgan Chase & Co. decreased their price target on shares of WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Barclays increased their target price on shares of WK Kellogg from $16.00 to $19.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $18.88.

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.