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

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

WK Kellogg has a payout ratio of 43.0% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Up 2.7 %

KLG stock opened at $21.56 on Thursday. The firm has a fifty day moving average price of $17.63 and a 200 day moving average price of $17.69. WK Kellogg has a fifty-two week low of $10.99 and a fifty-two week high of $24.63. The firm has a market cap of $1.86 billion and a PE ratio of 27.64. 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 issued its quarterly earnings data on Thursday, November 7th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The business 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 was down .4% on a year-over-year basis. During the same period last year, the company posted $0.49 EPS. Sell-side analysts anticipate that WK Kellogg will post 1.49 earnings per share for the current fiscal year.

Insider Transactions at WK Kellogg

In related news, Director G Zachary Gund purchased 65,000 shares of WK Kellogg stock in a transaction that occurred on Thursday, November 14th. The shares were bought at an average price of $17.76 per share, with a total value of $1,154,400.00. Following the purchase, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on KLG shares. JPMorgan Chase & Co. lowered their price objective on WK Kellogg from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Barclays lifted their price objective on shares of WK Kellogg from $16.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, WK Kellogg has a consensus rating of “Hold” and a consensus target price of $18.88.

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.