Argus Downgrades Kellanova (NYSE:K) to Hold

Argus downgraded shares of Kellanova (NYSE:K) from a buy rating to a hold rating in a research report report published on Wednesday morning, MarketBeat reports.

Several other research analysts have also weighed in on K. StockNews.com began coverage on Kellanova in a research report on Wednesday, September 25th. They issued a hold rating for the company. Evercore ISI raised Kellanova to a hold rating in a research report on Friday, August 2nd. Piper Sandler increased their price objective on shares of Kellanova from $63.00 to $83.50 and gave the stock a neutral rating in a research report on Thursday, August 15th. Barclays boosted their price objective on Kellanova from $67.00 to $83.00 and gave the company an equal weight rating in a report on Thursday, August 15th. Finally, Stifel Nicolaus upped their target price on shares of Kellanova from $64.00 to $76.00 and gave the stock a hold rating in a research note on Monday, August 12th. Fifteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Kellanova has an average rating of Hold and a consensus price target of $74.32.

Kellanova Price Performance

NYSE:K opened at $80.61 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. Kellanova has a 52 week low of $47.63 and a 52 week high of $81.00. The stock’s 50-day moving average price is $77.02 and its 200-day moving average price is $64.87. The stock has a market capitalization of $27.56 billion, a PE ratio of 30.19, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39.

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

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 85.39%.

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 dated Monday, July 15th. The shares were sold at an average price of $56.19, for a total value of $4,371,582.00. Following the sale, the insider now directly owns 51,064,238 shares in the company, valued at $2,869,299,533.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related 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 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the transaction, the insider now owns 50,482,855 shares of the company’s stock, valued at approximately $4,051,249,113.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $56.19, for a total transaction of $4,371,582.00. Following the completion of the sale, the insider now directly owns 51,064,238 shares of the company’s stock, valued at $2,869,299,533.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,080,732 shares of company stock valued at $79,115,595. 1.80% of the stock is owned by insiders.

Institutional Trading of Kellanova

A number of institutional investors have recently modified their holdings of the company. Blue Trust Inc. increased its holdings in Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of Kellanova by 1.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 9,810 shares of the company’s stock worth $566,000 after acquiring an additional 180 shares during the period. IFG Advisory LLC boosted its stake in 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 in the last quarter. Eukles Asset Management boosted its holdings in Kellanova by 0.7% during 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 in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its stake in Kellanova by 61.9% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

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.