Kellanova (NYSE:K) Sees Significant Decrease in Short Interest

Kellanova (NYSE:K) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 13,090,000 shares, a decline of 6.2% from the March 15th total of 13,960,000 shares. Approximately 4.6% of the company’s shares are short sold. Based on an average daily volume of 3,270,000 shares, the short-interest ratio is currently 4.0 days.

Kellanova Stock Up 0.2 %

NYSE K traded up $0.11 on Tuesday, reaching $55.51. The company had a trading volume of 2,295,191 shares, compared to its average volume of 3,183,397. The firm has a market capitalization of $18.97 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 2.07 and a beta of 0.40. 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 1-year low of $47.63 and a 1-year high of $72.30. The company’s fifty day moving average is $55.43 and its 200-day moving average is $54.00.

Kellanova (NYSE:K) last announced its earnings results on Thursday, February 8th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.07 billion. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. On average, research analysts forecast that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Thursday, February 29th. Kellanova’s payout ratio is presently 81.45%.

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 that occurred on Monday, January 29th. The shares were sold at an average price of $54.68, for a total value of $4,254,104.00. Following the completion of the transaction, the insider now owns 52,775,838 shares in the company, valued at approximately $2,885,782,821.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 933,600 shares of company stock worth $51,308,322 in the last quarter. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank acquired a new position in shares of Kellanova during the 3rd quarter worth about $4,974,000. Raymond James & Associates raised its holdings in shares of Kellanova by 11.9% in the 4th quarter. Raymond James & Associates now owns 400,371 shares of the company’s stock valued at $22,385,000 after purchasing an additional 42,656 shares during the period. Soltis Investment Advisors LLC raised its holdings in shares of Kellanova by 25.7% in the 3rd quarter. Soltis Investment Advisors LLC now owns 46,127 shares of the company’s stock valued at $2,745,000 after purchasing an additional 9,434 shares during the period. CX Institutional raised its holdings in shares of Kellanova by 52.9% in the 4th quarter. CX Institutional now owns 59,975 shares of the company’s stock valued at $3,353,000 after purchasing an additional 20,752 shares during the period. Finally, Savoir Faire Capital Management L.P. bought a new stake in shares of Kellanova in the 3rd quarter valued at about $3,248,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

K has been the subject of several recent research reports. Stifel Nicolaus upped their target price on shares of Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Thursday, January 25th. Citigroup initiated coverage on shares of Kellanova in a research report on Thursday, February 1st. They set a “neutral” rating and a $57.00 target price for the company. DA Davidson initiated coverage on shares of Kellanova in a research report on Friday, March 1st. They set a “buy” rating and a $67.00 target price for the company. Piper Sandler upped their target price on shares of Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. upped their target price on shares of Kellanova from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $62.27.

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.