Kellanova (NYSE:K) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of analysts have recently weighed in on K shares. Citigroup started coverage on Kellanova in a research report on Thursday, February 1st. They set a neutral rating and a $57.00 price target on the stock. Barclays raised their target price on Kellanova from $55.00 to $60.00 and gave the company an equal weight rating in a research report on Monday, February 12th. JPMorgan Chase & Co. raised their target price on Kellanova from $53.00 to $59.00 and gave the company a neutral rating in a research report on Friday, February 9th. Piper Sandler raised their target price on Kellanova from $59.00 to $60.00 and gave the company a neutral rating in a research report on Monday, February 12th. Finally, DA Davidson began coverage on Kellanova in a research report on Friday, March 1st. They issued a buy rating and a $67.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Kellanova currently has an average rating of Hold and a consensus target price of $62.27.

Kellanova Stock Performance

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

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.07 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. 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 paid 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 3.93%. Kellanova’s payout ratio is 81.45%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $53.67, for a total value of $4,175,526.00. Following the completion of the sale, the insider now owns 52,620,238 shares in the company, valued at approximately $2,824,128,173.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, 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.