Kellanova (NYSE:K) to Post Q2 2024 Earnings of $0.89 Per Share, DA Davidson Forecasts

Kellanova (NYSE:K) – Equities research analysts at DA Davidson issued their Q2 2024 earnings estimates for Kellanova in a research note issued on Thursday, May 9th. DA Davidson analyst B. Holland forecasts that the company will earn $0.89 per share for the quarter. DA Davidson currently has a “Buy” rating and a $72.00 target price on the stock. The consensus estimate for Kellanova’s current full-year earnings is $3.58 per share. DA Davidson also issued estimates for Kellanova’s FY2024 earnings at $3.60 EPS.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the firm earned $1.10 earnings per share. Kellanova’s revenue for the quarter was down 4.2% compared to the same quarter last year.

Several other equities analysts have also commented on K. Barclays raised their target price on shares of Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday. JPMorgan Chase & Co. lifted their target price on shares of Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Piper Sandler lifted their target price on shares of Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. StockNews.com downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Finally, Citigroup assumed coverage on shares of Kellanova in a research report on Thursday, February 1st. They set a “neutral” rating and a $57.00 target price on the stock. Twelve investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $61.85.

Kellanova Price Performance

NYSE:K opened at $61.60 on Friday. Kellanova has a 52 week low of $47.63 and a 52 week high of $71.19. The firm has a market cap of $21.06 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 2.32 and a beta of 0.39. The firm’s 50-day simple moving average is $56.54 and its 200 day simple moving average is $54.85. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be issued a $0.56 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.64%. Kellanova’s dividend payout ratio is currently 83.90%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 52,620,238 shares in the company, valued at $2,824,128,173.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 52,620,238 shares in the company, valued at $2,824,128,173.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $60.05, for a total transaction of $588,490.00. Following the transaction, the senior vice president now owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. Insiders sold a total of 943,400 shares of company stock worth $53,047,474 over the last quarter. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Institutional investors have recently added to or reduced their stakes in the stock. Zhang Financial LLC boosted its position in Kellanova by 0.8% during the first quarter. Zhang Financial LLC now owns 21,318 shares of the company’s stock worth $1,221,000 after purchasing an additional 176 shares during the period. Naples Global Advisors LLC boosted its position in Kellanova by 1.7% during the fourth quarter. Naples Global Advisors LLC now owns 11,696 shares of the company’s stock worth $654,000 after purchasing an additional 200 shares during the period. Bfsg LLC boosted its position in Kellanova by 64.5% during the first quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after purchasing an additional 200 shares during the period. Huntington National Bank boosted its position in Kellanova by 1.6% during the third quarter. Huntington National Bank now owns 12,808 shares of the company’s stock worth $762,000 after purchasing an additional 204 shares during the period. Finally, Financial Advisors Network Inc. boosted its position in Kellanova by 4.2% during the fourth quarter. Financial Advisors Network Inc. now owns 5,040 shares of the company’s stock worth $282,000 after purchasing an additional 204 shares during the period. Institutional investors own 83.87% of the company’s stock.

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.