StockNews.com Initiates Coverage on Kellanova (NYSE:K)

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

Other research analysts have also issued research reports about the stock. Royal Bank of Canada lowered shares of Kellanova from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Piper Sandler raised their price target on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Barclays raised their price target on shares of Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. The Goldman Sachs Group assumed coverage on shares of Kellanova in a report on Monday, August 12th. They set a “neutral” rating and a $75.00 price target for the company. Finally, Argus lowered shares of Kellanova from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Fifteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Kellanova currently has an average rating of “Hold” and an average target price of $76.35.

Kellanova Stock Down 0.4 %

K stock opened at $80.86 on Tuesday. The stock has a market capitalization of $27.87 billion, a P/E ratio of 27.79, a price-to-earnings-growth ratio of 2.61 and a beta of 0.39. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. Kellanova has a 12 month low of $51.02 and a 12 month high of $81.34. The firm has a 50-day moving average price of $80.69 and a 200-day moving average price of $69.67.

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

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.82%. The ex-dividend date is Monday, December 2nd. Kellanova’s dividend payout ratio (DPR) is presently 78.35%.

Insider Buying and Selling 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 28th. The stock was sold at an average price of $80.62, for a total transaction of $6,272,236.00. Following the sale, the insider now directly owns 50,597,438 shares in the company, valued at $4,079,165,451.56. The trade was a 0.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 1,072,264 shares of company stock worth $86,452,375. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Kellanova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swedbank AB grew its holdings in Kellanova by 20.5% during the 3rd quarter. Swedbank AB now owns 273,521 shares of the company’s stock valued at $22,076,000 after buying an additional 46,450 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Kellanova by 4.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after buying an additional 10,676 shares in the last quarter. SG Americas Securities LLC grew its holdings in Kellanova by 498.7% during the 2nd quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock valued at $15,049,000 after buying an additional 217,320 shares in the last quarter. M&G Plc purchased a new position in Kellanova during the 1st quarter valued at about $9,346,000. Finally, Atria Investments Inc purchased a new position in Kellanova during the 1st quarter valued at about $1,003,000. 83.87% of the stock is currently owned by institutional investors.

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.