Kellanova
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Range $60 – $87
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About the company
Kellanova, a worldwide enterprise, produces and supplies a diverse range of snack and convenience food products across North America, Europe, Latin America, the Asia Pacific region, the Middle East, Australia, and Africa. The company's primary offerings include various snack items such as crackers, savory treats, toaster pastries, assorted cereal and granola bars, and snack bites, along with crisps. Furthermore, its convenience food division features ready-to-eat breakfast cereals, frozen waffles, plant-based meal alternatives, and noodles.
- CEO
- Steven A. Cahillane
- IPO
- 1952
- Employees
- 24,000
- HQ
- Chicago, MI, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $29.03B
- P/E
- 31.74
- Fwd P/E
- 22.06
- PEG
- 1.24
- P/S
- 3.04
- P/B
- 6.91
- EV/EBITDA
- 21.53
- Div Yield
- 1.39%
- Gross Margin
- 33.87%
- Op Margin
- 13.83%
- Net Margin
- 9.55%
- ROE
- 22.38%
- ROIC
- 8.72%
Latest fiscal year · YoY change
- Revenue
- $12.75B-2.8%
- Gross Profit
- $4.54B+6.1%
- Op Income
- $1.87B
- Net Income
- $1.34B+41.2%
- EPS
- $3.92+41.0%
- OCF Growth
- +7.0%
- FCF Growth
- +16.9%
- 52W High
- $83.65
- 52W Low
- $76.48
- 50D MA
- $83.16
- 200D MA
- $81.42
- Beta
- 0.25
- RSI (14)
- 61
- Avg Volume
- 3.49M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Kellanova posted another strong quarter with 4% organic sales growth, 16% adjusted operating profit growth, and higher margins, then raised full-year guidance on better-than-expected first-half performance.· August 1, 2024
- Organic net sales rose 4% in Q2; adjusted operating profit grew 16% currency-neutral and adjusted EPS rose 14% currency-neutral.
- Gross profit margin improved by close to 340 basis points year over year in Q2; adjusted operating margin also continued to expand.
- North America volumes turned positive, Europe volumes moderated, Latin America returned to volume growth, and Nigeria was the main drag in EMEA/JV volume.
- Management said innovation is back to pre-pandemic levels, with Pringles Mingles, Cheez-It Europe, and other launches expected to support second-half performance.
- Full-year guidance was raised for sales, profit, EPS, and free cash flow, while management kept a prudent stance on Nigeria and second-half inflation/elasticity effects.
Q2 organic net sales grew 4%. Currency-neutral adjusted operating profit increased 16% year over year, and currency-neutral adjusted EPS increased 14%; adjusted EPS increased 12% on a reported basis. Gross profit increased 9% excluding currency and 5% including currency, with gross margin up close to 340 basis points year over year. Foreign exchange reduced net sales growth by about 8 percentage points in Q2. For 2024, Kellanova now expects organic net sales growth of about 3.5%, adjusted operating profit of $1.875 billion to $1.9 billion, adjusted EPS of $3.65 to $3.75, gross margin above 35%, operating margin about 14%, and free cash flow just above $1 billion.
Steve Cahillane framed the quarter as evidence of a more growth-oriented and more profitable Kellanova after the spin-off, emphasizing that the company is back to full commercial activity. He pointed to sequential volume improvement outside Nigeria, stronger innovation, and a return to more normal promotional activity as signs that the business is rebuilding momentum. His tone was confident and upbeat, especially on North America, Europe, and the company’s innovation calendar.
Amit Banati said the quarter beat expectations across key metrics, with 4% organic sales growth, 16% adjusted operating profit growth, and 14% currency-neutral EPS growth. He highlighted gross profit up 9% ex-currency and gross margin up close to 340 basis points, noting about 100 basis points of margin benefit from the discontinued-ops comparison and about 150 basis points from country mix tied to devaluations; even excluding those items, gross margin was still up around 1 percentage point. He also said free cash flow remained ahead of last year, net debt was being trimmed, leverage stayed well below the 3x target, and the company raised full-year free cash flow guidance to just above $1 billion.
Analysts pressed on North America pricing versus volume, with management saying the volume recovery is mainly due to full commercial activation, stronger Pringles execution, better distribution, and a return to more rational pricing/promotion levels rather than aggressive price cuts. Questions on Europe focused on whether pricing and volume could balance better; management said Europe remains tough but it expects continued growth, helped by increased activation and the Cheez-It UK launch later in the year. There were also questions on Nigeria elasticity and margin sustainability; management said volume declines there were better than expected in Q2 but still expects elasticity pressure in the second half and is being prudent.
The call showed improving volumes in several regions, with North America turning positive, Latin America growing, and Europe still on track for a seventh straight year of organic sales growth. Management sounded confident that a full innovation slate and more normal commercial activity will support second-half results, while margins are expanding faster than planned and free cash flow remains strong.
Nigeria remains a major headwind, with currency-driven pricing creating sharp volume declines and management still expecting elasticity pressure in the second half. Several analysts also raised concerns about high price points and consumer strain, suggesting the category may need more pricing giveback, even though Kellanova said it does not see that as necessary for its own business right now.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.6%
- Shares Outstanding
- 347.93M
- Float Shares
- 343.08M
of shares held by institutions
959 13F filers
Congressional trading
Senate and House stock disclosures for K, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Gilbert CisnerosHouse · CA31 | Sell | Dec 11, 25 | Filing → |
| Shelley Moore CapitoSenate · WV | Sell | Dec 11, 25 | Filing → |
| Shelley Moore CapitoSenate · WV | Sell | Dec 11, 25 | Filing → |
| Rob BresnahanHouse · PA08 | Sell | Dec 11, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Sep 5, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Buy | Aug 5, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Jul 3, 25 | Filing → |
| Rob BresnahanHouse · PA08 | Buy | Apr 8, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Buy | Apr 29, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Buy | Jan 24, 25 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Feb 13, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Jan 10, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Nov 3, 23 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Oct 31, 23 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Kellogg W K Foundation Trust | 45.10M | ▼ 916.68K |
| Nuveen Asset Management, LLC | 632.58K | ▼ 31.38K |
| Point72 Asia (Singapore) Pte. Ltd. | 330.46K | ▲ 62.90K |
| Caxton Associates LP | 257.56K | ▲ 9.86K |
| Eisler Capital Management Ltd. | 73.33K | ▼ 140.52K |
| Burren Capital Advisors Ltd | 54.19K | ▼ 29.94K |
| Axa Investment Managers S.A. | 38.26K | ▲ 38.26K |
| Cubist Systematic Strategies, LLC | 30.57K | ▼ 14.91K |
| Glenmede Investment Management, LP | 27.97K | ▼ 1.21K |
| Keeley-Teton Advisors, LLC | 25.74K | ▼ 193 |
| Mizuho Securities Usa LLC | 21.53K | ▼ 3.95K |
| Cigogne Management SA | 16.75K | ▲ 16.75K |
Held by 126 ETFs
Biggest fund positions in K by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Dec 11, 25 | KELLOGG W K FOUNDATION TRUST | sell | 45,097,438 |
| Dec 11, 25 | Gillum Roderick D. | sell | 7,513.966 |
| Dec 11, 25 | Gillum Roderick D. | sell | 19,579.704 |
| Dec 11, 25 | SCHLOTMAN J MICHAEL | sell | 14,089.652 |
| Dec 11, 25 | Gund G Zachary | sell | 23,574.065 |
| Dec 11, 25 | Gund G Zachary | sell | 1,409,000 |
| Dec 9, 25 | Bahner Kris | other | 9,000 |
| Dec 11, 25 | Bahner Kris | other | 18,157 |
| Dec 11, 25 | Bahner Kris | sell | 18,157 |
| Dec 11, 25 | Bahner Kris | sell | 8,907.983 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our K coverage
Recent articles, reports, and earnings notes.
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