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

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

K has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Piper Sandler boosted their price target on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and raised their price objective for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Evercore ISI raised Kellanova to a “hold” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada cut Kellanova from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $76.00 to $83.50 in a research note on Thursday, August 15th. Fifteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $74.32.

Kellanova Price Performance

K stock opened at $80.59 on Thursday. The stock has a 50-day moving average price of $76.09 and a two-hundred day moving average price of $64.57. Kellanova has a 1 year low of $47.63 and a 1 year high of $81.00. The stock has a market cap of $27.55 billion, a PE ratio of 30.18, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46.

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

Insider Buying and Selling at Kellanova

In related 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 stock was sold at an average price of $80.72, for a total value of $9,249,139.76. Following the completion of the sale, the insider now directly owns 50,139,106 shares in the company, valued at approximately $4,047,228,636.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Monday, July 15th. The stock was sold at an average price of $56.19, for a total value of $4,371,582.00. Following the completion of the transaction, the insider now directly owns 51,064,238 shares of the company’s stock, valued at approximately $2,869,299,533.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $80.72, for a total value of $9,249,139.76. Following the sale, the insider now directly owns 50,139,106 shares in the company, valued at $4,047,228,636.32. The disclosure for this sale can be found here. Insiders have sold a total of 1,080,732 shares of company stock valued at $79,115,595 in the last three months. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kellanova

Several institutional investors and hedge funds have recently bought and sold shares of K. Vanguard Group Inc. boosted its holdings in shares of Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 277,171 shares in the last quarter. Yacktman Asset Management LP grew its position in Kellanova by 0.5% in the second quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company’s stock valued at $123,546,000 after acquiring an additional 10,510 shares during the last quarter. D. E. Shaw & Co. Inc. raised its stake in Kellanova by 766.5% during the second 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 in the last quarter. Finally, Maverick Capital Ltd. bought a new position in shares of Kellanova in the second quarter worth about $88,065,000. 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.