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

Kellanova (NYSE:K - Get Free Report) was the recipient of a significant decline in short interest in 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. Based on an average trading volume of 3,270,000 shares, the days-to-cover ratio is currently 4.0 days. Currently, 4.6% of the company's stock are short sold.

Kellanova Trading Up 0.2 %

K traded up $0.12 on Tuesday, hitting $55.52. 2,295,192 shares of the company were exchanged, compared to its average volume of 3,183,397. The firm has a fifty day simple moving average of $55.46 and a two-hundred day simple moving average of $53.97. 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 12 month low of $47.63 and a 12 month high of $72.30. The stock has a market capitalization of $18.97 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 2.07 and a beta of 0.40.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.04. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same period last year, the company earned $0.94 EPS. Kellanova's revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts expect that Kellanova will post 3.57 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 4.03%. The ex-dividend date was Thursday, February 29th. Kellanova's dividend payout ratio (DPR) is currently 81.45%.

Analyst Upgrades and Downgrades

K has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on Kellanova from $56.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Friday, February 9th. Citigroup started coverage on Kellanova in a research report on Thursday, February 1st. They set a "neutral" rating and a $57.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on Kellanova from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday, February 9th. StockNews.com lowered Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, February 9th. Finally, Piper Sandler increased their price objective on Kellanova from $59.00 to $60.00 and gave the company a "neutral" rating in a research report on Monday, February 12th. Twelve investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $62.27.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company's stock in a transaction on Monday, January 29th. The stock was sold at an average price of $54.68, for a total transaction of $4,254,104.00. Following the completion of the sale, the insider now owns 52,775,838 shares in the company, valued at $2,885,782,821.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 933,600 shares of company stock worth $51,308,322 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kellanova

Institutional investors and hedge funds have recently bought and sold shares of the business. Oakworth Capital Inc. lifted its stake in shares of Kellanova by 491.3% in the 3rd quarter. Oakworth Capital Inc. now owns 473 shares of the company's stock valued at $28,000 after purchasing an additional 393 shares during the period. Norwood Financial Corp lifted its stake in shares of Kellanova by 81.8% in the 3rd quarter. Norwood Financial Corp now owns 500 shares of the company's stock valued at $30,000 after purchasing an additional 225 shares during the period. Baker Avenue Asset Management LP raised its stake in Kellanova by 205.4% during the third quarter. Baker Avenue Asset Management LP now owns 507 shares of the company's stock valued at $30,000 after buying an additional 341 shares during the last quarter. Motco boosted its holdings in Kellanova by 757.6% in the fourth quarter. Motco now owns 566 shares of the company's stock worth $32,000 after acquiring an additional 500 shares in the last quarter. Finally, Cowa LLC bought a new stake in Kellanova in the first quarter worth $33,000. 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.