Kellanova (NYSE:K) Downgraded by Royal Bank of Canada

Royal Bank of Canada cut shares of Kellanova (NYSE:K) from an outperform rating to a sector perform rating in a research report report published on Thursday morning, MarketBeat.com reports. They currently have $83.50 target price on the stock, up from their previous target price of $76.00.

K has been the subject of several other research reports. Wells Fargo & Company increased their price objective on shares of Kellanova from $62.00 to $76.00 and gave the stock an equal weight rating in a research report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Kellanova from $60.00 to $62.00 and gave the company a hold rating in a research note on Friday, August 2nd. The Goldman Sachs Group assumed coverage on Kellanova in a research report on Monday, August 12th. They set a neutral rating and a $75.00 price objective for the company. TD Cowen lifted their target price on Kellanova from $57.00 to $62.00 and gave the company a hold rating in a research report on Friday, May 3rd. Finally, Evercore ISI raised Kellanova to a hold rating in a research report on Friday, August 2nd. Thirteen analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Kellanova presently has an average rating of Hold and a consensus target price of $73.57.

Kellanova Trading Up 0.0 %

NYSE:K opened at $80.29 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46. Kellanova has a 1-year low of $47.63 and a 1-year high of $80.46. The firm has a market capitalization of $27.45 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 2.22 and a beta of 0.34. The business’s 50-day moving average price is $61.42 and its two-hundred day moving average price is $58.74.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.25 earnings per share. On average, equities analysts expect that Kellanova will post 3.68 earnings per share for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is 85.39%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $60.16, for a total value of $4,680,448.00. Following the transaction, the insider now owns 51,531,038 shares in the company, valued at approximately $3,100,107,246.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 855,800 shares of company stock valued at $52,647,260 over the last three months. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Kellanova

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its position in Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares during the period. Zhang Financial LLC increased its holdings in Kellanova by 0.8% in the first quarter. Zhang Financial LLC now owns 21,318 shares of the company’s stock valued at $1,221,000 after purchasing an additional 176 shares during the period. IFG Advisory LLC raised its position in Kellanova by 1.4% during the 2nd quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock worth $797,000 after purchasing an additional 189 shares during the last quarter. Eukles Asset Management lifted its holdings in Kellanova by 0.7% during the 2nd quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock worth $1,521,000 after buying an additional 193 shares during the period. Finally, Bfsg LLC grew its position in shares of Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after buying an additional 200 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.