Kellanova (NYSE:K) Shares Up 8.2% Following Strong Earnings

Kellanova (NYSE:K)’s share price traded up 8.2% on Thursday following a better than expected earnings announcement. The company traded as high as $61.89 and last traded at $61.68. 1,636,649 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 3,131,432 shares. The stock had previously closed at $56.98.

The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the previous year, the business earned $1.10 EPS. The company’s revenue was down 4.2% compared to the same quarter last year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be paid a $0.56 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.24 annualized dividend and a yield of 3.70%. Kellanova’s payout ratio is 83.90%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Piper Sandler increased their price target on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. TD Cowen raised their price objective on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a report on Friday. Barclays boosted their target price 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. StockNews.com lowered Kellanova from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Finally, DA Davidson began coverage on Kellanova in a research note on Friday, March 1st. They set a “buy” rating and a $67.00 price objective on the stock. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $62.67.

Insider Transactions at Kellanova

In other 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 value of $4,175,526.00. Following the transaction, the insider now owns 52,620,238 shares of the company’s stock, valued at approximately $2,824,128,173.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 933,600 shares of company stock valued at $51,891,044. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kellanova

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Kellanova by 11.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 76,811 shares of the company’s stock valued at $4,571,000 after purchasing an additional 7,780 shares during the last quarter. Xponance Inc. boosted its holdings in Kellanova by 6.4% during the 3rd quarter. Xponance Inc. now owns 34,648 shares of the company’s stock valued at $2,062,000 after acquiring an additional 2,097 shares during the period. Pinnacle Associates Ltd. grew its holdings in shares of Kellanova by 3.5% in the third quarter. Pinnacle Associates Ltd. now owns 6,498 shares of the company’s stock worth $387,000 after purchasing an additional 221 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Kellanova by 9.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,444 shares of the company’s stock worth $324,000 after buying an additional 452 shares during the period. Finally, Independent Advisor Alliance raised its holdings in Kellanova by 3.9% during the 3rd quarter. Independent Advisor Alliance now owns 6,831 shares of the company’s stock valued at $407,000 after buying an additional 255 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Stock Performance

The business’s fifty day simple moving average is $56.15 and its 200-day simple moving average is $54.52. The firm has a market cap of $20.67 billion, a P/E ratio of 22.66, a price-to-earnings-growth ratio of 2.35 and a beta of 0.39. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34.

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.