Kellanova (NYSE:K) Downgraded to Hold at StockNews.com

StockNews.com lowered shares of Kellanova (NYSE:KFree Report) from a buy rating to a hold rating in a report released on Friday morning.

A number of other analysts have also commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Kellanova from $53.00 to $59.00 and gave the stock a neutral rating in a research report on Friday. Wells Fargo & Company boosted their price objective on shares of Kellanova from $56.00 to $58.00 and gave the stock an equal weight rating in a research report on Friday. TheStreet lowered shares of Kellanova from a b- rating to a c+ rating in a research report on Wednesday, October 25th. Morgan Stanley cut their price objective on shares of Kellanova from $68.00 to $57.00 and set an equal weight rating on the stock in a research report on Thursday, November 9th. Finally, Citigroup started coverage on shares of Kellanova in a research report on Thursday, February 1st. They issued a neutral rating and a $57.00 price objective on the stock. Thirteen 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, Kellanova has an average rating of Hold and an average target price of $61.93.

Check Out Our Latest Report on K

Kellanova Stock Performance

Shares of K opened at $54.65 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.41 and a current ratio of 0.66. Kellanova has a twelve month low of $47.63 and a twelve month high of $72.30. The firm’s 50 day moving average price is $54.81 and its two-hundred day moving average price is $55.93. The firm has a market cap of $18.72 billion, a P/E ratio of 19.87, a PEG ratio of 2.13 and a beta of 0.39.

Kellanova (NYSE:KGet Free Report) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, analysts forecast that Kellanova will post 3.58 EPS for the current fiscal year.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $53.89, for a total value of $4,192,642.00. Following the transaction, the insider now directly owns 53,320,438 shares in the company, valued at $2,873,438,403.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 700,200 shares of company stock worth $37,956,286 over the last ninety days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Kellanova in the fourth quarter valued at about $150,184,000. Southeastern Asset Management Inc. TN acquired a new position in shares of Kellanova in the first quarter valued at about $87,611,000. Invesco Ltd. grew its stake in shares of Kellanova by 29.4% in the third quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock valued at $296,971,000 after acquiring an additional 1,132,485 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Kellanova by 27.4% in the third quarter. Van ECK Associates Corp now owns 4,890,952 shares of the company’s stock valued at $291,061,000 after acquiring an additional 1,051,922 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Kellanova during the second quarter worth about $51,392,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Kellanova Company Profile

(Get Free Report)

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, Asia, the Middle East, 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.

Further Reading

Analyst Recommendations for Kellanova (NYSE:K)

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