WK Kellogg Co (NYSE:KLG) to Issue $0.17 Quarterly Dividend

WK Kellogg Co (NYSE:KLG) announced a quarterly dividend on Thursday, May 1st, RTT News reports. Stockholders of record on Friday, May 30th will be given a dividend of 0.165 per share on Friday, June 13th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Friday, May 30th.

WK Kellogg has a dividend payout ratio of 38.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect WK Kellogg to earn $1.81 per share next year, which means the company should continue to be able to cover its $0.66 annual dividend with an expected future payout ratio of 36.5%.

WK Kellogg Price Performance

Shares of NYSE KLG opened at $17.30 on Wednesday. The firm has a market cap of $1.49 billion, a P/E ratio of 21.36, a PEG ratio of 2.01 and a beta of 0.54. WK Kellogg has a twelve month low of $14.80 and a twelve month high of $22.21. The company has a quick ratio of 0.32, a current ratio of 0.74 and a debt-to-equity ratio of 1.45. The company has a 50 day moving average of $18.40 and a 200 day moving average of $18.47.

WK Kellogg (NYSE:KLG) last posted its earnings results on Tuesday, May 6th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.21). WK Kellogg had a return on equity of 39.81% and a net margin of 2.66%. The business had revenue of $667.00 million during the quarter, compared to the consensus estimate of $677.91 million. During the same period in the previous year, the business posted $0.37 EPS. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. As a group, research analysts expect that WK Kellogg will post 1.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Jefferies Financial Group decreased their target price on WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Morgan Stanley assumed coverage on shares of WK Kellogg in a report on Monday, March 24th. They set an “underweight” rating and a $18.00 price objective for the company. Four analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, WK Kellogg has an average rating of “Reduce” and a consensus target price of $16.86.

Institutional Investors Weigh In On WK Kellogg

Hedge funds and other institutional investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in WK Kellogg by 5.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 145,640 shares of the company’s stock valued at $2,903,000 after buying an additional 7,830 shares during the period. Jones Financial Companies Lllp raised its position in WK Kellogg by 150.3% in the first quarter. Jones Financial Companies Lllp now owns 19,559 shares of the company’s stock worth $390,000 after acquiring an additional 11,746 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of WK Kellogg by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,997 shares of the company’s stock worth $777,000 after acquiring an additional 1,659 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company’s stock.

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.