Kellanova (NYSE:K) Announces Quarterly Earnings Results

Kellanova (NYSE:K) posted 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. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same period last year, the company earned $1.10 earnings per share. Kellanova updated its FY24 guidance to $3.55-3.65 EPS.

Kellanova Trading Down 1.3 %

Shares of NYSE:K traded down $0.79 during mid-day trading on Friday, reaching $60.49. The stock had a trading volume of 4,363,737 shares, compared to its average volume of 3,257,050. The firm has a 50 day simple moving average of $56.15 and a two-hundred day simple moving average of $54.52. Kellanova has a twelve month low of $47.63 and a twelve month high of $71.53. The firm has a market cap of $20.67 billion, a PE ratio of 22.00, a price-to-earnings-growth 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.

Kellanova Announces Dividend

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

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Wednesday, February 14th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 933,600 shares of company stock worth $51,891,044 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company lifted their price target on Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. StockNews.com cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Barclays raised their price target on shares of Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. JPMorgan Chase & Co. upped their price objective on shares of Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Stifel Nicolaus increased their target price on shares of Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Twelve investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Kellanova presently 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.