FY2024 EPS Estimates for Kellanova Raised by DA Davidson (NYSE:K)

Kellanova (NYSE:K) – DA Davidson upped their FY2024 earnings per share (EPS) estimates for shares of Kellanova in a research note issued on Monday, August 5th. DA Davidson analyst B. Holland now expects that the company will post earnings per share of $3.70 for the year, up from their previous forecast of $3.58. DA Davidson currently has a “Buy” rating and a $73.00 target price on the stock. The consensus estimate for Kellanova’s current full-year earnings is $3.68 per share. DA Davidson also issued estimates for Kellanova’s FY2025 earnings at $3.92 EPS.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share.

A number of other research firms also recently weighed in on K. Barclays lifted their price target on shares of Kellanova from $61.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and lifted their price target for the company from $62.00 to $70.00 in a research report on Friday, August 2nd. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price objective on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Kellanova from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of Kellanova from $62.00 to $76.00 and gave the company an “equal weight” rating in a research note on Tuesday. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.93.

Kellanova Trading Up 1.9 %

Shares of K stock opened at $74.35 on Wednesday. The firm has a 50 day moving average price of $59.34 and a two-hundred day moving average price of $57.75. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $25.42 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. Kellanova has a 12-month low of $47.63 and a 12-month high of $75.40.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Kellanova in the fourth quarter valued at about $150,184,000. Vanguard Group Inc. raised its holdings in shares of Kellanova by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares during the last quarter. Anchor Capital Advisors LLC purchased a new stake in shares of Kellanova in the fourth quarter valued at about $38,939,000. Boston Partners raised its holdings in shares of Kellanova by 117.1% in the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock valued at $73,221,000 after purchasing an additional 689,395 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. raised its holdings in shares of Kellanova by 15.5% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock valued at $273,504,000 after purchasing an additional 655,686 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the transaction, the insider now directly owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 855,800 shares of company stock valued at $51,267,088 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be paid a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s dividend payout ratio is currently 85.39%.

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.