Kellanova (NYSE:K) Issues Earnings Results

Kellanova (NYSE:K) released its earnings results on Thursday. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11, Briefing.com reports. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the company posted $1.25 EPS. The company’s revenue was down 4.7% compared to the same quarter last year. Kellanova updated its FY24 guidance to $3.65-3.75 EPS and its FY 2024 guidance to 3.650-3.750 EPS.

Kellanova Price Performance

K stock traded up $3.61 during midday trading on Thursday, reaching $61.76. The company had a trading volume of 3,088,003 shares, compared to its average volume of 2,778,640. Kellanova has a 1-year low of $47.63 and a 1-year high of $67.79. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The stock has a 50 day moving average price of $58.20 and a 200-day moving average price of $57.13. The company has a market capitalization of $21.11 billion, a price-to-earnings ratio of 21.78, a price-to-earnings-growth ratio of 2.10 and a beta of 0.34.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is 83.90%.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the transaction, the insider now owns 51,686,638 shares in the company, valued at $3,220,594,413.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the transaction, the insider now directly owns 51,686,638 shares in the company, valued at $3,220,594,413.78. The disclosure for this sale can be found here. Insiders have sold a total of 865,600 shares of company stock worth $50,837,176 over the last 90 days. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays cut their price target on shares of Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Friday, July 19th. TD Cowen increased their price target on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. DA Davidson increased their price target on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Kellanova from $62.00 to $60.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research report on Friday, May 3rd. Thirteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $61.50.

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.