Kellanova (NYSE:K) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Kellanova (NYSE:K) issued its earnings results on Thursday. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06, Briefing.com reports. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 EPS.

Kellanova Price Performance

Shares of NYSE:K traded down $0.04 during trading on Friday, reaching $80.61. 3,773,971 shares of the company’s stock traded hands, compared to its average volume of 3,081,676. The firm has a market cap of $27.78 billion, a PE ratio of 30.55, a P/E/G ratio of 2.60 and a beta of 0.39. The company has a 50-day simple moving average of $80.63 and a 200-day simple moving average of $68.09. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. Kellanova has a fifty-two week low of $50.81 and a fifty-two week high of $81.26.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. Kellanova’s payout ratio is 86.36%.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total value of $5,757,978.00. Following the sale, the insider now owns 50,830,838 shares in the company, valued at $3,761,990,320.38. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the sale, the insider now directly owns 50,830,838 shares in the company, valued at approximately $3,761,990,320.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, October 28th. The stock was sold at an average price of $80.76, for a total transaction of $9,253,723.08. Following the sale, the insider now directly owns 49,680,774 shares in the company, valued at approximately $4,012,219,308.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,227,864 shares of company stock worth $98,438,243. 1.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on K. DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and increased their target price for the company from $80.00 to $83.50 in a research report on Monday, August 26th. Piper Sandler lifted their target price on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Barclays raised their price target on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. Sixteen research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $74.96.

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.