Kellanova (NYSE:K) Announces Earnings Results

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

Kellanova Price Performance

Shares of K opened at $60.51 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. The firm’s 50-day simple moving average is $56.23 and its two-hundred day simple moving average is $54.59. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $71.53. The stock has a market cap of $20.68 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39.

Kellanova Dividend Announcement

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

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $58.00, for a total transaction of $4,512,400.00. Following the transaction, the insider now owns 51,842,238 shares in the company, valued at $3,006,849,804. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 933,600 shares of company stock valued at $51,891,044. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. DA Davidson initiated coverage on shares of Kellanova in a research note on Friday, March 1st. They issued a “buy” rating and a $67.00 price objective for the company. Piper Sandler lifted their price target on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. 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. StockNews.com lowered Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Finally, Wells Fargo & Company raised their target price on shares of Kellanova from $56.00 to $58.00 and gave the company an “equal weight” rating in a research note on Friday, February 9th. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Kellanova has an average rating of “Hold” and an average price target 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.