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

StockNews.com assumed coverage on shares of Kellanova (NYSE:K - Free Report) in a research report released on Friday morning. The brokerage issued a hold rating on the stock.

A number of other research analysts have also commented on K. Royal Bank of Canada lowered Kellanova from an "outperform" rating to a "sector perform" rating and increased their price objective for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Argus lowered shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock a "hold" rating in a research note on Thursday, August 15th. The Goldman Sachs Group began coverage on shares of Kellanova in a research note on Monday, August 12th. They issued a "neutral" rating and a $75.00 target price on the stock. Finally, Stifel Nicolaus boosted their target price on shares of Kellanova from $64.00 to $76.00 and gave the stock a "hold" rating in a research report on Monday, August 12th. Fifteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $76.35.

Kellanova Stock Down 0.0 %

Shares of K traded down $0.03 during midday trading on Friday, reaching $80.74. 1,187,405 shares of the stock were exchanged, compared to its average volume of 2,966,406. The company has a market cap of $27.83 billion, a price-to-earnings ratio of 27.75, a P/E/G ratio of 2.59 and a beta of 0.38. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. Kellanova has a 12-month low of $52.46 and a 12-month high of $81.34. The firm has a 50 day simple moving average of $80.82 and a 200-day simple moving average of $71.84.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. Kellanova's revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. Research analysts forecast that Kellanova will post 3.74 EPS for the current year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova's payout ratio is presently 78.35%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $80.65, for a total value of $9,241,118.95. Following the sale, the insider now directly owns 50,368,272 shares in the company, valued at approximately $4,062,201,136.80. This represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 1,145,830 shares of company stock worth $92,516,606. Company insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Kellanova

Several institutional investors have recently added to or reduced their stakes in K. CWM LLC raised its position in Kellanova by 24.3% in the 2nd quarter. CWM LLC now owns 10,286 shares of the company's stock valued at $593,000 after purchasing an additional 2,010 shares during the last quarter. SG Americas Securities LLC lifted its position in Kellanova by 498.7% during the 2nd 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 in the last quarter. Czech National Bank grew its holdings in Kellanova by 8.1% during the 2nd quarter. Czech National Bank now owns 50,165 shares of the company's stock worth $2,894,000 after acquiring an additional 3,760 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Kellanova by 8.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 10,600 shares of the company's stock worth $611,000 after acquiring an additional 849 shares during the last quarter. Finally, Diversified Trust Co increased its position in Kellanova by 5.6% in the 2nd quarter. Diversified Trust Co now owns 89,845 shares of the company's stock valued at $5,182,000 after acquiring an additional 4,725 shares in the last quarter. 83.87% of the stock is owned by 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.