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

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

Kellanova Trading Up 6.7 %

K stock traded up $3.90 during trading on Thursday, hitting $62.05. The company had a trading volume of 4,923,942 shares, compared to its average volume of 2,792,539. The stock has a market cap of $21.21 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 2.10 and a beta of 0.34. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average price of $58.20 and a 200-day moving average price of $57.13. Kellanova has a 12 month low of $47.63 and a 12 month high of $67.79.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.57 per share. This is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Tuesday, September 3rd. Kellanova’s dividend payout ratio is 83.90%.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $57.23, for a total transaction of $4,452,494.00. Following the completion of the sale, the insider now directly owns 50,908,638 shares of the company’s stock, valued at approximately $2,913,501,352.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Monday, July 29th. The shares were sold at an average price of $57.23, for a total transaction of $4,452,494.00. Following the completion of the sale, the insider now owns 50,908,638 shares of the company’s stock, valued at approximately $2,913,501,352.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares in the company, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 865,600 shares of company stock valued at $50,837,176. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on K shares. DA Davidson increased their price target on shares of Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Barclays dropped their target price on Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. JPMorgan Chase & Co. boosted their price target on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on Kellanova from $62.00 to $60.00 and set a “hold” rating for the company in a research note on Tuesday, July 23rd. Finally, Bank of America reduced their target price on shares of Kellanova from $64.00 to $62.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Thirteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.