Kellanova (NYSE:K) Releases FY24 Earnings Guidance

Kellanova (NYSE:KGet Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.55-3.65 for the period, compared to the consensus earnings per share estimate of $3.60. Kellanova also updated its FY 2024 guidance to 3.550-3.650 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on K. Morgan Stanley lowered their price target on shares of Kellanova from $68.00 to $57.00 and set an equal weight rating on the stock in a research note on Thursday, November 9th. TheStreet lowered shares of Kellanova from a b- rating to a c+ rating in a research note on Wednesday, October 25th. Barclays upgraded shares of Kellanova from an underweight rating to an equal weight rating and lowered their price objective for the stock from $57.00 to $55.00 in a research note on Thursday, November 9th. Wells Fargo & Company boosted their price objective on shares of Kellanova from $56.00 to $58.00 and gave the stock an equal weight rating in a research note on Friday. Finally, StockNews.com lowered shares of Kellanova from a buy rating to a hold rating in a research note on Friday. Thirteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Kellanova presently has a consensus rating of Hold and an average target price of $61.36.

Read Our Latest Research Report on K

Kellanova Stock Performance

Shares of K stock opened at $53.49 on Friday. The company has a market capitalization of $18.32 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 2.13 and a beta of 0.39. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.51 and a current ratio of 0.66. The company has a 50-day simple moving average of $54.79 and a 200 day simple moving average of $56.10. Kellanova has a 52 week low of $47.63 and a 52 week high of $72.30.

Kellanova (NYSE:KGet Free Report) last announced its earnings results on Thursday, February 8th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.07 billion. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. Kellanova’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 EPS. On average, sell-side analysts predict that Kellanova will post 3.58 earnings per share for the current year.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $53.89, for a total transaction of $4,192,642.00. Following the completion of the transaction, the insider now directly owns 53,320,438 shares in the company, valued at approximately $2,873,438,403.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 700,200 shares of company stock valued at $37,956,286 in the last quarter. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Kellanova by 1.2% during the first quarter. BlackRock Inc. now owns 31,697,821 shares of the company’s stock worth $2,122,486,000 after acquiring an additional 369,648 shares in the last quarter. Vanguard Group Inc. boosted its stake in Kellanova by 2.3% during the first quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock worth $1,892,981,000 after acquiring an additional 646,828 shares in the last quarter. State Street Corp boosted its stake in Kellanova by 2.6% during the first quarter. State Street Corp now owns 14,696,120 shares of the company’s stock worth $947,753,000 after acquiring an additional 369,620 shares in the last quarter. Geode Capital Management LLC boosted its stake in Kellanova by 2.9% during the first quarter. Geode Capital Management LLC now owns 5,659,404 shares of the company’s stock worth $378,150,000 after acquiring an additional 159,028 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Kellanova by 6.3% during the first quarter. Invesco Ltd. now owns 5,137,164 shares of the company’s stock worth $331,296,000 after acquiring an additional 302,388 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

About Kellanova

(Get Free Report)

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, Asia, the Middle East, 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.

Further Reading

Earnings History and Estimates for Kellanova (NYSE:K)

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