Kellanova (NYSE:K) Issues 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.

Analysts Set New Price Targets

Several equities research analysts have issued reports on K shares. Wells Fargo & Company lifted their price target on shares of Kellanova from $56.00 to $58.00 and gave the company an equal weight rating in a research note on Friday, February 9th. Stifel Nicolaus upped their price target on shares of Kellanova from $56.00 to $58.00 and gave the stock a hold rating in a report on Thursday, January 25th. Citigroup began coverage on shares of Kellanova in a report on Thursday, February 1st. They set a neutral rating and a $57.00 price target for the company. DA Davidson began coverage on shares of Kellanova in a report on Friday, March 1st. They set a buy rating and a $67.00 price target for the company. Finally, StockNews.com downgraded shares of Kellanova from a buy rating to a hold rating in a report on Friday, February 9th. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Kellanova currently has an average rating of Hold and an average price target of $62.27.

Kellanova Trading Down 1.5 %

Shares of NYSE K opened at $56.98 on Thursday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.41 and a current ratio of 0.66. Kellanova has a 52-week low of $47.63 and a 52-week high of $72.30. The firm has a 50 day moving average price of $56.06 and a two-hundred day moving average price of $54.47. The stock has a market cap of $19.47 billion, a P/E ratio of 20.72, a price-to-earnings-growth ratio of 2.22 and a beta of 0.39.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.04. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.07 billion. During the same period in the prior year, the company posted $0.94 EPS. The company’s revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Kellanova will post 3.57 EPS for the current year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is presently 81.45%.

Insider Transactions at Kellanova

In related 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 transaction, the insider now directly 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 SEC, which can be accessed through this hyperlink. Insiders sold a total of 933,600 shares of company stock worth $51,891,044 over the last three months. 1.80% of the stock is 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.