Kellanova (NYSE:K) Releases FY24 Earnings Guidance

Kellanova (NYSE:K) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.55-3.65 for the period, compared to the consensus earnings per share estimate of $3.57.

Kellanova Trading Down 1.3 %

NYSE:K opened at $60.51 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The stock’s 50 day simple moving average is $56.23 and its 200-day simple moving average is $54.59. Kellanova has a 12-month low of $47.63 and a 12-month high of $71.53. The firm has a market cap of $20.68 billion, a P/E ratio of 22.66, a PEG ratio of 2.32 and a beta of 0.39.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. 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 37.07% and a net margin of 6.41%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 EPS. Equities analysts anticipate that Kellanova will post 3.58 EPS for the current year.

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 issued a $0.56 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.70%. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Piper Sandler raised their target price on shares of Kellanova from $59.00 to $60.00 and gave the company a neutral rating in a report on Monday, February 12th. JPMorgan Chase & Co. upped their target price on Kellanova from $59.00 to $66.00 and gave the company a neutral rating in a research note on Friday. Wells Fargo & Company raised 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. TD Cowen upped their price objective on Kellanova from $57.00 to $62.00 and gave the company a hold rating in a research report on Friday. Finally, Stifel Nicolaus boosted 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 research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Kellanova presently has a consensus rating of Hold and an average target price of $62.67.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $52.90, for a total transaction of $4,115,620.00. Following the completion of the sale, the insider now directly owns 52,309,038 shares in the company, valued at $2,767,148,110.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 933,600 shares of company stock worth $51,891,044. 1.80% of the stock is currently owned by company insiders.

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.