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

Analysts at StockNews.com began coverage on shares of Kellanova (NYSE:K) in a note issued to investors on Sunday. The brokerage set a “hold” rating on the stock.

Several other equities research analysts also recently weighed in on the company. Argus downgraded Kellanova from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. DA Davidson downgraded Kellanova from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Finally, BNP Paribas cut shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target on the stock. in a report on Friday, November 1st. Fifteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $76.35.

Kellanova Trading Up 0.2 %

K stock opened at $80.70 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. Kellanova has a 1-year low of $52.46 and a 1-year high of $81.34. The business has a 50 day simple moving average of $80.81 and a two-hundred day simple moving average of $73.46. The company has a market capitalization of $27.82 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 2.59 and a beta of 0.38.

Kellanova (NYSE:K) last issued its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The business’s revenue was down .7% compared to the same quarter last year. Research analysts anticipate that Kellanova will post 3.74 EPS for the current fiscal year.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $80.57, for a total value of $9,231,952.31. Following the transaction, the insider now owns 50,024,523 shares in the company, valued at approximately $4,030,475,818.11. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 1,031,247 shares of company stock valued at $83,322,466 in the last three months. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Kellanova

Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in shares of Kellanova by 6.9% in the 3rd quarter. Principal Financial Group Inc. now owns 373,792 shares of the company’s stock valued at $30,169,000 after purchasing an additional 24,067 shares during the last quarter. Retirement Systems of Alabama boosted its stake in Kellanova by 0.6% during the third quarter. Retirement Systems of Alabama now owns 58,422 shares of the company’s stock worth $4,715,000 after buying an additional 351 shares during the period. Peapack Gladstone Financial Corp increased its position in shares of Kellanova by 0.6% during the third quarter. Peapack Gladstone Financial Corp now owns 81,629 shares of the company’s stock valued at $6,587,000 after acquiring an additional 507 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Kellanova in the 3rd quarter valued at approximately $210,000. Finally, Sanctuary Advisors LLC lifted its holdings in shares of Kellanova by 1.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,502 shares of the company’s stock worth $690,000 after acquiring an additional 145 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

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.