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

Investment analysts at StockNews.com started coverage on shares of Kellanova (NYSE:K) in a research report issued on Monday. The firm set a “hold” rating on the stock.

Several other analysts have also commented on K. BNP Paribas lowered shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 target price for the company. in a research note on Friday, November 1st. Argus lowered Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Fifteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $76.35.

Kellanova Stock Up 0.1 %

K opened at $81.17 on Monday. The stock’s 50 day moving average price is $80.81 and its 200 day moving average price is $74.21. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. The stock has a market cap of $27.98 billion, a P/E ratio of 27.89, a P/E/G ratio of 2.59 and a beta of 0.38. Kellanova has a 12 month low of $52.46 and a 12 month high of $81.34.

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

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $80.63, for a total value of $9,238,827.29. Following the transaction, the insider now owns 49,909,940 shares in the company, valued at approximately $4,024,238,462.20. This represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 916,664 shares of company stock worth $74,073,326. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Kellanova

Institutional investors and hedge funds have recently modified their holdings of the stock. D. E. Shaw & Co. Inc. grew its stake in shares of Kellanova by 766.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock valued at $108,532,000 after buying an additional 1,664,461 shares in the last quarter. Maverick Capital Ltd. bought a new stake in Kellanova in the second quarter worth approximately $88,065,000. Westchester Capital Management LLC acquired a new position in shares of Kellanova during the 3rd quarter worth $107,795,000. Point72 Asset Management L.P. bought a new position in shares of Kellanova during the 2nd quarter valued at $63,585,000. Finally, Barclays PLC boosted its holdings in Kellanova by 134.7% in the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after purchasing an additional 1,033,383 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

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.