Kellanova (NYSE:K) Raised to “Neutral” at Citigroup

Kellanova (NYSE:K) was upgraded by Citigroup to a “neutral” rating in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $83.50 price target on the stock. Citigroup’s price objective would suggest a potential upside of 1.20% from the company’s previous close.

K has been the topic of several other research reports. Wall Street Zen lowered shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. Royal Bank of Canada cut shares of Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. Fourteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $79.75.

Kellanova Price Performance

Shares of NYSE:K opened at $82.51 on Thursday. The firm’s 50 day moving average is $82.37 and its two-hundred day moving average is $81.84. Kellanova has a 52 week low of $55.96 and a 52 week high of $83.22. The firm has a market capitalization of $28.63 billion, a P/E ratio of 21.32, a PEG ratio of 4.21 and a beta of 0.30. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a net margin of 10.53% and a return on equity of 37.25%. The firm had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the business posted $1.01 EPS. Kellanova’s revenue for the quarter was down 3.7% compared to the same quarter last year. Analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $82.55, for a total value of $9,458,826.65. Following the completion of the transaction, the insider now owns 47,732,863 shares of the company’s stock, valued at approximately $3,940,347,840.65. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 1,374,996 shares of company stock worth $113,174,775. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in K. Grove Bank & Trust acquired a new position in Kellanova in the 1st quarter worth approximately $25,000. Financial Network Wealth Advisors LLC acquired a new position in Kellanova in the 1st quarter worth approximately $25,000. Stonebridge Financial Group LLC purchased a new stake in Kellanova in the 4th quarter worth approximately $27,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Kellanova during the 1st quarter valued at $27,000. Finally, BankPlus Trust Department acquired a new stake in shares of Kellanova during the 4th quarter valued at $28,000. Institutional investors and hedge funds 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.