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 3.25%. 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 36.9% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

WK Kellogg stock opened at $20.31 on Wednesday. WK Kellogg has a 52 week low of $14.36 and a 52 week high of $24.63. The company has a current ratio of 0.74, a quick ratio of 0.32 and a debt-to-equity ratio of 1.45. The stock has a market cap of $1.75 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 2.01 and a beta of 0.70. The stock has a 50 day moving average of $17.46 and a 200-day moving average of $17.86.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. WK Kellogg had a net margin of 2.66% and a return on equity of 39.81%. On average, analysts expect that WK Kellogg will post 1.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KLG. Barclays decreased their price target on WK Kellogg from $19.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, January 17th. Stifel Nicolaus lowered their price target on WK Kellogg from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, January 24th. TD Cowen lowered WK Kellogg from a “hold” rating to a “sell” rating and dropped their price target for the company from $18.00 to $16.00 in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group decreased their price objective on shares of WK Kellogg from $19.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Four investment 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.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.88.

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.