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

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

K has been the subject of a number of other reports. 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 objective for the company. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a report on Thursday, August 15th. Piper Sandler lifted their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, Stifel Nicolaus increased their price target on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Fifteen research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Kellanova has an average rating of “Hold” and an average target price of $76.35.

Kellanova Stock Up 0.0 %

Shares of K stock opened at $81.15 on Thursday. The company has a market capitalization of $27.97 billion, a price-to-earnings ratio of 27.89, a PEG ratio of 2.61 and a beta of 0.39. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. The company’s fifty day moving average price is $80.81 and its 200-day moving average price is $71.19. Kellanova has a one year low of $51.02 and a one year high of $81.34.

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

Kellanova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a dividend of $0.57 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.81%. Kellanova’s payout ratio is presently 78.35%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $80.65, for a total value of $9,241,118.95. Following the sale, the insider now directly owns 50,368,272 shares of the company’s stock, valued at $4,062,201,136.80. This represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 1,031,247 shares of company stock valued at $83,211,320 over the last three months. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kellanova

Several hedge funds and other institutional investors have recently modified their holdings of K. D. E. Shaw & Co. Inc. grew its holdings in shares of Kellanova by 766.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after purchasing an additional 1,664,461 shares during the last quarter. Maverick Capital Ltd. purchased a new position in shares of Kellanova during the second quarter worth approximately $88,065,000. Westchester Capital Management LLC bought a new stake in shares of Kellanova during the third quarter valued at approximately $107,795,000. Point72 Asset Management L.P. purchased a new stake in shares of Kellanova in the second quarter valued at approximately $63,585,000. Finally, Barclays PLC grew its stake in Kellanova by 134.7% in the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after purchasing an additional 1,033,383 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other 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.