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

StockNews.com assumed coverage on shares of Kellanova (NYSE:K) in a research report issued to clients and investors on Wednesday. The brokerage set a “hold” rating on the stock.

Several other analysts have also recently commented on K. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. BNP Paribas cut Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target for the company. in a report on Friday, November 1st. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $76.35.

Kellanova Stock Performance

NYSE:K opened at $81.50 on Wednesday. The stock has a 50-day moving average price of $80.92 and a 200 day moving average price of $76.33. The stock has a market capitalization of $28.09 billion, a P/E ratio of 28.01, a P/E/G ratio of 2.49 and a beta of 0.37. Kellanova has a 12-month low of $52.46 and a 12-month high of $81.59. 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 (NYSE:K) last announced 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. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the firm posted $1.03 EPS. The company’s revenue was down .7% on a year-over-year basis. Equities research analysts forecast that Kellanova will post 3.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on 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 represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 1,031,247 shares of company stock valued at $83,509,236 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Kellanova

Several institutional investors have recently added to or reduced their stakes in K. Swedbank AB raised its position in shares of Kellanova by 20.5% in the 3rd quarter. Swedbank AB now owns 273,521 shares of the company’s stock valued at $22,076,000 after purchasing an additional 46,450 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of Kellanova by 5.1% in the third quarter. Toronto Dominion Bank now owns 178,845 shares of the company’s stock worth $14,435,000 after buying an additional 8,686 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Kellanova by 6.9% during the third quarter. Principal Financial Group Inc. now owns 373,792 shares of the company’s stock worth $30,169,000 after buying an additional 24,067 shares during the period. Barclays PLC grew its holdings in shares of Kellanova by 134.7% during the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock valued at $145,309,000 after buying an additional 1,033,383 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Kellanova in the 3rd quarter worth $4,211,000. 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.