Kellanova (NYSE:K) Posts Earnings Results

Kellanova (NYSE:K - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06, Briefing.com reports. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the business posted $1.03 earnings per share. The company's revenue was down .7% on a year-over-year basis.

Kellanova Stock Performance

K stock traded down $0.04 on Friday, hitting $80.61. The company had a trading volume of 3,732,338 shares, compared to its average volume of 3,081,676. The stock's 50-day simple moving average is $80.63 and its 200 day simple moving average is $68.18. The stock has a market cap of $27.78 billion, a price-to-earnings ratio of 30.53, a P/E/G ratio of 2.60 and a beta of 0.39. Kellanova has a 12-month low of $50.81 and a 12-month high of $81.26. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46.

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova's dividend payout ratio is currently 86.36%.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the sale, the insider now directly owns 50,368,272 shares in the company, valued at $4,062,201,136.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,227,864 shares of company stock worth $98,438,243 in the last 90 days. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on K. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a "hold" rating in a research note on Thursday, August 15th. Bank of America raised shares of Kellanova from a "neutral" rating to a "buy" rating and increased their price target for the stock from $62.00 to $70.00 in a research note on Friday, August 2nd. Stifel Nicolaus increased their price target on shares of Kellanova from $64.00 to $76.00 and gave the stock a "hold" rating in a research note on Monday, August 12th. Evercore ISI raised shares of Kellanova to a "hold" rating in a research note on Friday, August 2nd. Finally, Piper Sandler increased their price target on shares of Kellanova from $63.00 to $83.50 and gave the stock a "neutral" rating in a research note on Thursday, August 15th. Sixteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Kellanova has a consensus rating of "Hold" and a consensus target price of $74.96.

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.