Kellanova (NYSE:K) Issues Earnings Results

Kellanova (NYSE:K) issued its earnings results on Thursday. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16, Briefing.com reports. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period last year, the company earned $1.10 EPS. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. Kellanova updated its FY24 guidance to $3.55-3.65 EPS.

Kellanova Stock Down 1.3 %

NYSE:K traded down $0.79 during midday trading on Friday, reaching $60.49. The company had a trading volume of 4,363,737 shares, compared to its average volume of 3,257,050. Kellanova has a 12-month low of $47.63 and a 12-month high of $71.53. The firm has a market capitalization of $20.67 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 2.18 and a beta of 0.39. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51. The stock’s fifty day simple moving average is $56.15 and its 200-day simple moving average is $54.52.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s dividend payout ratio is currently 81.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday. Citigroup assumed coverage on Kellanova in a research note on Thursday, February 1st. They set a “neutral” rating and a $57.00 target price for the company. Barclays upped their price target on Kellanova from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. Wells Fargo & Company raised their price objective on Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. Finally, StockNews.com cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $62.67.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $53.67, for a total value of $4,175,526.00. Following the transaction, the insider now owns 52,620,238 shares in the company, valued at approximately $2,824,128,173.46. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 933,600 shares of company stock worth $51,891,044 in the last quarter. 1.80% of the stock is owned by company insiders.

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.