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

Investment analysts at StockNews.com assumed coverage on shares of Kellanova (NYSE:K) in a report released on Tuesday. The firm set a “hold” rating on the stock.

A number of other brokerages also recently commented on K. Argus downgraded Kellanova from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. raised their price objective on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Stifel Nicolaus lifted their price objective on shares of Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $76.00 to $83.50 in a research report on Thursday, August 15th. Finally, BNP Paribas lowered shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target for the company. in a research note on Friday, November 1st. Fifteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $76.35.

Kellanova Price Performance

Shares of NYSE:K opened at $81.18 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The stock has a market cap of $27.98 billion, a PE ratio of 27.89, a price-to-earnings-growth ratio of 2.60 and a beta of 0.39. The stock’s fifty day simple moving average is $80.67 and its two-hundred day simple moving average is $69.50. Kellanova has a 1-year low of $51.02 and a 1-year high of $81.34.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $3.23 billion for 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% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 earnings per share. As a group, analysts forecast that Kellanova will post 3.74 EPS for the current fiscal year.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $80.76, for a total transaction of $9,253,723.08. Following the completion of the sale, the insider now owns 49,680,774 shares in the company, valued at approximately $4,012,219,308.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $80.76, for a total transaction of $9,253,723.08. Following the sale, the insider now owns 49,680,774 shares in the company, valued at approximately $4,012,219,308.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s 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 completion of the transaction, the insider now owns 50,597,438 shares of the company’s stock, valued at $4,079,165,451.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have 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 and other institutional investors have recently bought and sold shares of K. Dimensional Fund Advisors LP lifted its position in Kellanova by 11.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock valued at $150,909,000 after purchasing an additional 277,171 shares during the last quarter. Yacktman Asset Management LP boosted its position in Kellanova by 0.5% during the 2nd quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company’s stock valued at $123,546,000 after buying an additional 10,510 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in Kellanova by 766.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after acquiring an additional 1,664,461 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Kellanova by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,630,609 shares of the company’s stock valued at $131,606,000 after acquiring an additional 35,268 shares during the period. Finally, Maverick Capital Ltd. bought a new position in shares of Kellanova during the second quarter valued at about $88,065,000. Hedge funds and other institutional investors 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.