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

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

Other equities research analysts have also issued reports about the company. Piper Sandler upped their price target on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. The Goldman Sachs Group initiated coverage on Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price target for the company. Barclays upped their target price on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company upped their target price on shares of Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Fourteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Kellanova presently has an average rating of “Hold” and a consensus target price of $74.32.

Kellanova Price Performance

Kellanova stock opened at $80.65 on Tuesday. The firm’s 50-day moving average is $71.43 and its two-hundred day moving average is $62.68. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The stock has a market capitalization of $27.57 billion, a P/E ratio of 30.21, a P/E/G ratio of 2.57 and a beta of 0.39. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.97.

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

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the sale, the insider now owns 50,482,855 shares of the company’s stock, valued at $4,051,249,113.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the transaction, the insider now directly owns 50,482,855 shares of the company’s stock, valued at $4,051,249,113.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $57.64, for a total transaction of $4,484,392.00. Following the sale, the insider now owns 51,219,838 shares in the company, valued at $2,952,311,462.32. The disclosure for this sale can be found here. Insiders have sold a total of 1,007,166 shares of company stock valued at $69,596,129 in the last quarter. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Hedge funds have recently modified their holdings of the company. Intech Investment Management LLC grew its stake in shares of Kellanova by 10.1% in the 4th quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock worth $14,754,000 after purchasing an additional 24,124 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Kellanova by 4.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock worth $14,705,000 after buying an additional 10,676 shares during the last quarter. SG Americas Securities LLC grew its position in Kellanova by 498.7% in the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock worth $15,049,000 after buying an additional 217,320 shares during the last quarter. Banque Cantonale Vaudoise increased its holdings in shares of Kellanova by 35.5% in the first quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock valued at $4,566,000 after buying an additional 20,866 shares in the last quarter. Finally, M&G Plc acquired a new stake in shares of Kellanova during the 1st quarter valued at $9,346,000. 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.