Kellanova (NYSE:K) Issues Quarterly Earnings Results

Kellanova (NYSE:K) released its earnings results on Thursday. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16, Briefing.com reports. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the firm posted $1.10 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. Kellanova updated its FY24 guidance to $3.55-3.65 EPS.

Kellanova Price Performance

Shares of NYSE:K traded down $0.77 during trading on Friday, reaching $60.51. 4,363,751 shares of the company traded hands, compared to its average volume of 3,132,182. The company’s 50 day moving average is $56.15 and its two-hundred day moving average is $54.52. The firm has a market capitalization of $20.68 billion, a PE ratio of 22.66, a PEG ratio of 2.35 and a beta of 0.39. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. Kellanova has a 52 week low of $47.63 and a 52 week high of $71.53.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s dividend payout ratio is 83.90%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $58.00, for a total transaction of $4,512,400.00. Following the completion of the sale, the insider now directly owns 51,842,238 shares in the company, valued at approximately $3,006,849,804. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 933,600 shares of company stock worth $51,891,044. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on K shares. DA Davidson started coverage on Kellanova in a research note on Friday, March 1st. They issued a “buy” rating and a $67.00 target price on the stock. Wells Fargo & Company increased their target price on Kellanova from $56.00 to $58.00 and gave the company an “equal weight” rating in a research note on Friday, February 9th. Piper Sandler increased their target price on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. StockNews.com lowered Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Finally, Citigroup started coverage on Kellanova in a research report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $62.67.

About Kellanova

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.