Short Interest in Kellanova (NYSE:K) Declines By 6.2%

Kellanova (NYSE:K) was the target 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. Based on an average daily trading volume, of 3,270,000 shares, the days-to-cover ratio is presently 4.0 days. Approximately 4.6% of the company’s stock are sold short.

Kellanova Stock Performance

NYSE:K opened at $56.07 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.66 and a debt-to-equity ratio of 1.51. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $72.30. The stock has a market cap of $19.16 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.07 and a beta of 0.40. The firm’s fifty day simple moving average is $55.50 and its 200-day simple moving average is $53.99.

Kellanova (NYSE:K) last posted its quarterly 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. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.07 billion. During the same period in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was up .3% on a year-over-year basis. Analysts expect that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.56 per share. The ex-dividend date was Thursday, February 29th. This represents a $2.24 annualized dividend and a yield of 4.00%. Kellanova’s dividend payout ratio (DPR) is currently 81.45%.

Analysts Set New Price Targets

Several analysts recently commented on K shares. DA Davidson started coverage on shares of Kellanova in a research report on Friday, March 1st. They issued a “buy” rating and a $67.00 price target for the company. Barclays upped their price target on shares of Kellanova from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. Stifel Nicolaus upped their price target 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. Piper Sandler upped their price target 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, StockNews.com cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Kellanova currently has a consensus rating of “Hold” and a consensus price target of $62.27.

Insider Transactions at Kellanova

In other 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 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 approximately $2,885,782,821.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 933,600 shares of company stock worth $51,308,322. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kellanova

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Kellanova by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after acquiring an additional 1,130,582 shares in the last quarter. BlackRock Inc. increased its holdings in Kellanova by 1.2% during the 1st quarter. BlackRock Inc. now owns 31,697,821 shares of the company’s stock valued at $2,122,486,000 after acquiring an additional 369,648 shares in the last quarter. State Street Corp increased its holdings in Kellanova by 2.6% during the 1st quarter. State Street Corp now owns 14,696,120 shares of the company’s stock valued at $947,753,000 after acquiring an additional 369,620 shares in the last quarter. Geode Capital Management LLC increased its holdings in Kellanova by 2.9% during the 1st quarter. Geode Capital Management LLC now owns 5,659,404 shares of the company’s stock valued at $378,150,000 after acquiring an additional 159,028 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Kellanova by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,657,709 shares of the company’s stock valued at $316,323,000 after acquiring an additional 98,294 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

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.