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

StockNews.com assumed coverage on shares of Kellanova (NYSE:K) in a research report report published on Tuesday. The firm issued a hold rating on the stock.

A number of other research firms have also weighed in on K. Royal Bank of Canada lowered shares of Kellanova from an outperform rating to a sector perform rating and upped their target price for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their target price on Kellanova from $66.00 to $69.00 and gave the company a neutral rating in a report on Friday, August 2nd. Stifel Nicolaus lifted their target price on Kellanova from $64.00 to $76.00 and gave the company a hold rating in a research report on Monday, August 12th. Evercore ISI raised Kellanova to a hold rating in a research report on Friday, August 2nd. Finally, Piper Sandler lifted their price objective on shares of Kellanova from $63.00 to $83.50 and gave the stock a neutral rating in a report on Thursday, August 15th. Fourteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $74.32.

Kellanova Price Performance

Kellanova stock opened at $80.81 on Tuesday. The stock’s 50 day moving average price is $72.38 and its two-hundred day moving average price is $62.93. The stock has a market capitalization of $27.63 billion, a price-to-earnings ratio of 30.27, a PEG ratio of 2.57 and a beta of 0.39. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 earnings per share. On average, equities analysts predict that Kellanova will post 3.7 earnings per share for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, September 3rd. Kellanova’s dividend payout ratio is presently 85.39%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the completion of the transaction, the insider now owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the completion of the sale, the insider now directly owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 929,366 shares of company stock valued at $65,106,291. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Several institutional investors have recently modified their holdings of K. Blue Trust Inc. boosted its stake in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after purchasing an additional 170 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in Kellanova by 1.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 9,810 shares of the company’s stock valued at $566,000 after buying an additional 180 shares during the period. IFG Advisory LLC grew its stake in shares of Kellanova by 1.4% during the second quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock valued at $797,000 after buying an additional 189 shares during the last quarter. Eukles Asset Management increased its holdings in shares of Kellanova by 0.7% in the second quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock worth $1,521,000 after buying an additional 193 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of Kellanova by 61.9% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after acquiring an additional 200 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors.

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.