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

Key Points

• WK Kellogg Co. has declared a quarterly dividend of $0.17 per share, with a dividend yield of 2.9% and a payout ratio of 38.8%, indicating that its earnings sufficiently cover the dividend.
• The company reported $0.20 EPS for the last quarter, missing expectations, and had revenue of $667 million, down 6.2% year-over-year.
• In recent trading, WK Kellogg's stock price reached $23.01, with a market cap of $1.99 billion and a low of $14.80 and high of $23.56 over the past year.

WK Kellogg Co. (NYSE:KLG - Get Free Report) declared a quarterly dividend on Thursday, July 31st, RTT News reports. Shareholders of record on Friday, August 29th will be given a dividend of 0.165 per share on Friday, September 12th. This represents a c) annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 29th.

WK Kellogg has a payout ratio of 38.8% meaning its dividend is sufficiently covered by earnings. 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

NYSE KLG traded up $0.09 during trading hours on Monday, hitting $23.17. The company had a trading volume of 147,668 shares, compared to its average volume of 1,347,600. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.34 and a current ratio of 0.78. WK Kellogg has a 1-year low of $14.80 and a 1-year high of $23.56. The company has a market cap of $2.00 billion, a PE ratio of 36.20 and a beta of 0.24. The business has a 50 day moving average of $18.63 and a 200-day moving average of $18.51.

WK Kellogg (NYSE:KLG - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.21). WK Kellogg had a net margin of 2.14% and a return on equity of 34.88%. The company had revenue of $667.00 million during the quarter, compared to analyst estimates of $677.91 million. During the same quarter in the prior year, the company earned $0.37 EPS. The business's revenue was down 6.2% on a year-over-year basis. As a group, equities research analysts expect that WK Kellogg will post 1.57 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in WK Kellogg by 4.6% in the first quarter. Vanguard Group Inc. now owns 5,640,453 shares of the company's stock valued at $112,414,000 after buying an additional 245,555 shares in the last quarter. Credit Agricole S A increased its holdings in WK Kellogg by 10.4% in the first quarter. Credit Agricole S A now owns 4,287,331 shares of the company's stock valued at $85,447,000 after buying an additional 403,970 shares in the last quarter. Capital International Investors increased its holdings in WK Kellogg by 149.8% in the fourth quarter. Capital International Investors now owns 4,186,763 shares of the company's stock valued at $75,320,000 after buying an additional 2,510,779 shares in the last quarter. LSV Asset Management increased its holdings in WK Kellogg by 280.5% in the first quarter. LSV Asset Management now owns 3,038,537 shares of the company's stock valued at $60,558,000 after buying an additional 2,239,966 shares in the last quarter. Finally, Jupiter Asset Management Ltd. increased its holdings in WK Kellogg by 17.8% in the first quarter. Jupiter Asset Management Ltd. now owns 2,939,001 shares of the company's stock valued at $58,574,000 after buying an additional 444,120 shares in the last quarter. 95.74% of the stock is owned by hedge funds and other institutional investors.

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.