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

WK Kellogg Co (NYSE:KLG) declared a quarterly dividend on Thursday, August 1st, NASDAQ reports. Investors of record on Thursday, August 29th will be given a dividend of 0.16 per share on Friday, September 13th. This represents a $0.64 annualized dividend and a yield of 3.68%. The ex-dividend date is Thursday, August 29th.

WK Kellogg has a dividend payout ratio of 39.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect WK Kellogg to earn $1.57 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 40.8%.

WK Kellogg Stock Up 0.3 %

WK Kellogg stock traded up $0.05 during midday trading on Friday, hitting $17.41. 742,483 shares of the stock were exchanged, compared to its average volume of 1,116,926. The company has a quick ratio of 0.43, a current ratio of 0.84 and a debt-to-equity ratio of 1.53. WK Kellogg has a 52-week low of $9.65 and a 52-week high of $24.63. The business’s 50-day moving average price is $17.36 and its 200-day moving average price is $17.55.

WK Kellogg (NYSE:KLG) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $707.00 million during the quarter, compared to the consensus estimate of $697.83 million. WK Kellogg’s quarterly revenue was down .7% compared to the same quarter last year. Sell-side analysts predict that WK Kellogg will post 1.53 EPS for the current fiscal year.

Analysts Set New Price Targets

KLG has been the topic of several recent analyst reports. Bank of America downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $24.00 to $17.00 in a research report on Wednesday, July 10th. Stifel Nicolaus dropped their price objective on shares of WK Kellogg from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. BNP Paribas downgraded shares of WK Kellogg from a “neutral” rating to an “underperform” rating and set a $20.00 price objective on the stock. in a report on Wednesday, May 8th. Evercore ISI raised their price objective on shares of WK Kellogg from $21.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, May 8th. Finally, Barclays decreased their target price on shares of WK Kellogg from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, July 19th. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.80.

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.