Kellanova (NYSE:K) Issues Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Kellanova (NYSE:K) posted its earnings results on Thursday. The company reported $1.01 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the firm earned $1.25 EPS. The company’s quarterly 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

Shares of K traded up $3.61 during mid-day trading on Thursday, reaching $61.76. 3,088,003 shares of the stock traded hands, compared to its average volume of 2,778,640. The firm has a fifty day moving average price of $58.20 and a 200 day moving average price of $57.13. The company has a market cap 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. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. Kellanova has a 1 year low of $47.63 and a 1 year high of $67.79.

Kellanova Increases Dividend

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

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the transaction, the insider now directly owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the sale, the insider now directly owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the business’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 865,600 shares of company stock worth $50,837,176. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on K shares. JPMorgan Chase & Co. lifted their target price on shares of Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. DA Davidson lifted their price target on shares of Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. TD Cowen lifted their price target on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Barclays lowered their price target on shares of Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Kellanova from $62.00 to $60.00 and set a “hold” rating on the stock in a report on Tuesday, July 23rd. Thirteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $61.50.

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.