Kellanova (NYSE:K) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of Kellanova (NYSE:K) in a research note published on Tuesday. The firm issued a hold rating on the stock.

K has been the subject of a number of other reports. Piper Sandler increased their target price on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a research report on Friday, August 2nd. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. DA Davidson cut shares of 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. Finally, BNP Paribas cut shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price objective for the company. in a research report on Friday, November 1st. Fifteen research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Kellanova has a consensus rating of “Hold” and an average price target of $76.35.

Kellanova Stock Performance

NYSE:K opened at $80.58 on Tuesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77. The company has a fifty day moving average of $80.70 and a two-hundred day moving average of $69.75. The stock has a market capitalization of $27.78 billion, a PE ratio of 27.69, a P/E/G ratio of 2.61 and a beta of 0.39. Kellanova has a fifty-two week low of $51.02 and a fifty-two week high of $81.34.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 earnings per share. As a group, research analysts forecast that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Monday, December 2nd. Kellanova’s payout ratio is 78.35%.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $80.62, for a total value of $6,272,236.00. Following the sale, the insider now owns 50,597,438 shares of the company’s stock, valued at $4,079,165,451.56. This trade represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 1,072,264 shares of company stock valued at $86,452,375. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Kellanova

Several hedge funds have recently added to or reduced their stakes in K. D. E. Shaw & Co. Inc. lifted its position in shares of Kellanova by 766.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after buying an additional 1,664,461 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Kellanova during the 2nd quarter worth approximately $88,065,000. Westchester Capital Management LLC purchased a new stake in shares of Kellanova during the 3rd quarter worth approximately $107,795,000. Point72 Asset Management L.P. purchased a new stake in shares of Kellanova during the 2nd quarter worth approximately $63,585,000. Finally, Barclays PLC raised its position in Kellanova by 134.7% in the 3rd quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock valued at $145,309,000 after purchasing an additional 1,033,383 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

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.