DA Davidson Weighs in on Kellanova's Q2 2024 Earnings (NYSE:K)

Kellanova (NYSE:K - Free Report) - Stock analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Kellanova in a research report issued on Thursday, May 9th. DA Davidson analyst B. Holland forecasts that the company will earn $0.89 per share for the quarter. DA Davidson currently has a "Buy" rating and a $72.00 target price on the stock. The consensus estimate for Kellanova's current full-year earnings is $3.58 per share. DA Davidson also issued estimates for Kellanova's FY2024 earnings at $3.60 EPS.

Several other brokerages have also issued reports on K. Wells Fargo & Company boosted their price target on shares of Kellanova from $56.00 to $58.00 and gave the company an "equal weight" rating in a report on Friday, February 9th. JPMorgan Chase & Co. boosted their price target on shares of Kellanova from $59.00 to $66.00 and gave the company a "neutral" rating in a report on Friday, May 3rd. Piper Sandler boosted their price objective on shares of Kellanova from $59.00 to $60.00 and gave the company a "neutral" rating in a research report on Monday, February 12th. StockNews.com cut shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, February 9th. Finally, Citigroup initiated coverage on shares of Kellanova in a research report on Thursday, February 1st. They issued a "neutral" rating and a $57.00 price objective on the stock. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Kellanova currently has an average rating of "Hold" and a consensus target price of $61.85.

Kellanova Price Performance

Shares of Kellanova stock traded up $0.26 during midday trading on Friday, reaching $61.86. The company had a trading volume of 2,188,221 shares, compared to its average volume of 3,237,198. The stock has a fifty day simple moving average of $56.67 and a 200 day simple moving average of $54.90. 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 $71.19. The company has a market capitalization of $21.15 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39.

Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business's quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 earnings per share.

Kellanova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova's payout ratio is currently 83.90%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company's stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the transaction, the insider now owns 51,764,438 shares of the company's stock, valued at approximately $3,153,489,562.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Nicolas Amaya sold 9,800 shares of the business's stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the sale, the senior vice president now owns 26,191 shares in the company, valued at approximately $1,572,769.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company's stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the sale, the insider now owns 51,764,438 shares of the company's stock, valued at $3,153,489,562.96. The disclosure for this sale can be found here. Insiders have sold 943,400 shares of company stock valued at $53,047,474 over the last ninety days. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of Kellanova

Hedge funds and other institutional investors have recently modified their holdings of the business. M&G Plc bought a new stake in shares of Kellanova in the first quarter worth $9,346,000. Blair William & Co. IL grew its holdings in Kellanova by 12.9% during the first quarter. Blair William & Co. IL now owns 30,175 shares of the company's stock valued at $1,729,000 after purchasing an additional 3,441 shares during the period. Wilkins Investment Counsel Inc. bought a new stake in Kellanova during the first quarter valued at about $1,162,000. Picton Mahoney Asset Management grew its holdings in Kellanova by 844.7% during the first quarter. Picton Mahoney Asset Management now owns 76,549 shares of the company's stock valued at $4,384,000 after purchasing an additional 68,446 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Kellanova by 19.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 365,290 shares of the company's stock valued at $20,927,000 after purchasing an additional 58,259 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.

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.