Kellanova (NYSE:K) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

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

Kellanova Price Performance

NYSE:K traded down $0.77 during trading hours on Friday, hitting $60.51. 4,363,751 shares of the company’s stock traded hands, compared to its average volume of 3,132,182. The firm has a market cap of $20.68 billion, a P/E ratio of 22.66, a P/E/G ratio of 2.35 and a beta of 0.39. Kellanova has a 52 week low of $47.63 and a 52 week high of $71.53. The business’s fifty day simple moving average is $56.15 and its two-hundred day simple moving average is $54.52. 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 Dividend Announcement

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

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $53.67, for a total transaction of $4,175,526.00. Following the completion of the sale, the insider now owns 52,620,238 shares of the company’s stock, valued at $2,824,128,173.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 933,600 shares of company stock valued at $51,891,044. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on K shares. DA Davidson started coverage on Kellanova in a research report on Friday, March 1st. They set a “buy” rating and a $67.00 price target for the company. Piper Sandler increased their price target on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. StockNews.com lowered Kellanova from a “buy” rating to a “hold” rating in a report on Friday, February 9th. JPMorgan Chase & Co. increased their price objective on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday. Finally, TD Cowen increased their price objective on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a report on Friday. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.67.

Kellanova Company Profile

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.