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

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

A number of other research analysts have also weighed in on the stock. Royal Bank of Canada lowered 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 research note on Thursday, August 15th. Piper Sandler increased 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. Evercore ISI upgraded Kellanova to a “hold” rating in a report on Friday, August 2nd. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research note on Thursday, August 15th. Fifteen analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Kellanova has an average rating of “Hold” and a consensus target price of $76.35.

Kellanova Trading Up 0.2 %

Shares of NYSE K opened at $81.18 on Tuesday. The company’s 50 day simple moving average is $80.67 and its 200 day simple moving average is $69.50. 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 fifty-two week low of $51.02 and a fifty-two week high of $81.34. The firm has a market capitalization of $27.98 billion, a P/E ratio of 27.89, a P/E/G ratio of 2.60 and a beta of 0.39.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. Kellanova’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 EPS. On average, analysts predict that Kellanova will post 3.74 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’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 sale, the insider now owns 50,597,438 shares in the company, valued at $4,079,165,451.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova 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 transaction, the insider now owns 49,680,774 shares in the company, valued at approximately $4,012,219,308.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’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 sale, the insider now directly owns 50,597,438 shares in the company, valued at approximately $4,079,165,451.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,072,264 shares of company stock worth $86,452,375 in the last three months. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Kellanova

A number of large investors have recently bought and sold shares of K. SG Americas Securities LLC raised its holdings in shares of Kellanova by 29.9% during the first quarter. SG Americas Securities LLC now owns 43,581 shares of the company’s stock valued at $2,497,000 after purchasing an additional 10,022 shares during the period. Sei Investments Co. lifted its holdings in shares of Kellanova by 2.6% in the 1st quarter. Sei Investments Co. now owns 79,195 shares of the company’s stock worth $4,537,000 after purchasing an additional 1,984 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Kellanova by 16.9% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 593,241 shares of the company’s stock valued at $33,987,000 after purchasing an additional 85,748 shares during the period. TD Asset Management Inc increased its stake in Kellanova by 8.3% during the 1st quarter. TD Asset Management Inc now owns 1,350,790 shares of the company’s stock valued at $77,387,000 after purchasing an additional 103,517 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in Kellanova by 7.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 311,719 shares of the company’s stock worth $17,858,000 after buying an additional 20,995 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

About Kellanova

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.