Kellanova (NYSE:K) Releases FY24 Earnings Guidance

Kellanova (NYSE:K - Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.55-3.65 for the period, compared to the consensus estimate of $3.57.

Kellanova Stock Performance

Shares of K stock traded up $4.30 during trading hours on Thursday, reaching $61.28. The company had a trading volume of 10,882,330 shares, compared to its average volume of 3,244,027. The business has a fifty day moving average price of $56.15 and a 200-day moving average price of $54.52. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.41 and a current ratio of 0.66. The firm has a market cap of $20.94 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 2.22 and a beta of 0.39. Kellanova has a one year low of $47.63 and a one year high of $72.30.

Kellanova (NYSE:K - Get Free Report) last announced its 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. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.07 billion. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The firm's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 earnings per share. Sell-side analysts predict that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 annualized dividend and a yield of 3.66%. Kellanova's dividend payout ratio (DPR) is 81.45%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. DA Davidson began coverage on shares of Kellanova in a research report on Friday, March 1st. They set a buy rating and a $67.00 target price for the company. Barclays lifted their price target on shares of Kellanova from $55.00 to $60.00 and gave the company an equal weight rating in a report on Monday, February 12th. 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 on the stock. 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 report on Friday, February 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Kellanova from $53.00 to $59.00 and gave the company a neutral rating in a report on Friday, February 9th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $62.27.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business's stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $53.67, for a total value of $4,175,526.00. Following the sale, the insider now owns 52,620,238 shares in the company, valued at $2,824,128,173.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have sold 933,600 shares of company stock worth $51,891,044. Insiders own 1.80% of the company's stock.

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.