Kellanova (NYSE:K) Stock Rating Lowered by Argus

Argus downgraded shares of Kellanova (NYSE:K) from a buy rating to a hold rating in a report issued on Wednesday morning, Marketbeat.com reports.

Other equities research analysts have also recently issued research reports about the company. Bank of America upgraded Kellanova from a neutral rating to a buy rating and boosted their price objective for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Stifel Nicolaus lifted their target price on shares of Kellanova from $64.00 to $76.00 and gave the stock a hold rating in a research note on Monday, August 12th. Evercore ISI raised Kellanova to a hold rating in a research report on Friday, August 2nd. StockNews.com assumed coverage on shares of Kellanova in a report on Wednesday, September 25th. They set a hold rating for the company. Finally, JPMorgan Chase & Co. raised their price objective on Kellanova from $66.00 to $69.00 and gave the company a neutral rating in a research note on Friday, August 2nd. Fifteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $74.32.

Kellanova Stock Performance

NYSE:K opened at $80.61 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The firm has a 50-day moving average price of $77.02 and a 200 day moving average price of $64.87. The firm has a market capitalization of $27.56 billion, a PE ratio of 30.19, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. Kellanova has a 12-month low of $47.63 and a 12-month high of $81.00.

Kellanova (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The company’s revenue was down 4.7% on a year-over-year basis. Research analysts anticipate that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were given a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend was Tuesday, September 3rd. Kellanova’s dividend payout ratio (DPR) is currently 85.39%.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $80.72, for a total transaction of $9,249,139.76. Following the sale, the insider now owns 50,139,106 shares in the company, valued at approximately $4,047,228,636.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the completion of the sale, the insider now directly owns 51,142,038 shares in the company, valued at $2,871,114,013.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,080,732 shares of company stock worth $79,115,595 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Kellanova

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after acquiring an additional 170 shares during the period. Family Firm Inc. bought a new stake in shares of Kellanova in the 2nd quarter worth about $29,000. BNP Paribas purchased a new position in shares of Kellanova in the 1st quarter worth approximately $30,000. Newbridge Financial Services Group Inc. increased its position in Kellanova by 61.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after acquiring an additional 200 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new stake in Kellanova in the second quarter worth about $39,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

About Kellanova

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.