Kellanova (NYSE:K) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Kellanova (NYSE:K) posted its quarterly earnings results on Thursday. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06, Briefing.com reports. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the firm earned $1.03 earnings per share. Kellanova’s quarterly revenue was down .7% on a year-over-year basis.

Kellanova Stock Performance

Shares of K stock traded down $0.04 during mid-day trading on Friday, hitting $80.61. The stock had a trading volume of 3,773,971 shares, compared to its average volume of 3,081,676. The firm has a market cap of $27.78 billion, a PE ratio of 30.55, a PEG ratio of 2.60 and a beta of 0.39. The company’s 50-day simple moving average is $80.63 and its 200-day simple moving average is $68.09. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. Kellanova has a fifty-two week low of $50.81 and a fifty-two week high of $81.26.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.83%. Kellanova’s dividend payout ratio is currently 86.36%.

Analysts Set New Price Targets

A number of research firms have recently commented on K. Piper Sandler increased their price objective on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Wells Fargo & Company boosted their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. The Goldman Sachs Group began coverage on shares of Kellanova in a research note on Monday, August 12th. They set a “neutral” rating and a $75.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Sixteen analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $74.96.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the transaction, the insider now directly owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $80.65, for a total value of $9,241,118.95. Following the completion of the sale, the insider now owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the transaction, the insider now owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,227,864 shares of company stock worth $98,438,243 over the last ninety days. 1.80% of the stock is currently 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.