Short Interest in Kellanova (NYSE:K) Rises By 10.8%

Kellanova (NYSE:K) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 11,490,000 shares, a growth of 10.8% from the May 31st total of 10,370,000 shares. Based on an average daily trading volume, of 2,630,000 shares, the days-to-cover ratio is presently 4.4 days. Currently, 4.0% of the company’s stock are short sold.

Kellanova Stock Down 0.1 %

Shares of NYSE:K traded down $0.03 during midday trading on Wednesday, hitting $56.67. 893,500 shares of the company’s stock traded hands, compared to its average volume of 2,909,924. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. The company has a market cap of $19.37 billion, a PE ratio of 21.22, a P/E/G ratio of 2.04 and a beta of 0.35. The firm’s fifty day moving average price is $59.66 and its two-hundred day moving average price is $56.89. Kellanova has a twelve month low of $47.63 and a twelve month high of $68.69.

Kellanova (NYSE:K) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 EPS. On average, equities research analysts anticipate that Kellanova will post 3.62 EPS for the current fiscal year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Monday, June 3rd were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.95%. The ex-dividend date was Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is 83.90%.

Analyst Ratings Changes

A number of brokerages recently commented on K. Barclays raised their price objective on shares of Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. TD Cowen increased their target price on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a report on Friday, May 3rd. DA Davidson increased their target price on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Eleven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Kellanova currently has a consensus rating of “Hold” and an average price target of $61.83.

Insider Activity 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 Tuesday, May 14th. The shares were sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the transaction, the insider now owns 51,686,638 shares in the company, valued at $3,220,594,413.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $60.05, for a total transaction of $588,490.00. Following the completion of the sale, the senior vice president now owns 26,191 shares in the company, valued at $1,572,769.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total transaction of $4,847,718.00. Following the sale, the insider now owns 51,686,638 shares of the company’s stock, valued at approximately $3,220,594,413.78. The disclosure for this sale can be found here. Insiders have sold 865,600 shares of company stock valued at $50,941,428 over the last quarter. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Kellanova

Several hedge funds and other institutional investors have recently added to or reduced their stakes in K. Vanguard Group Inc. increased its position in shares of Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock worth $1,797,525,000 after purchasing an additional 1,130,582 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of 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 buying an additional 98,294 shares during the last quarter. Beutel Goodman & Co Ltd. grew its position in shares of Kellanova by 15.5% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock valued at $273,504,000 after buying an additional 655,686 shares during the last quarter. Norges Bank bought a new stake in shares of Kellanova during the 4th quarter valued at about $150,184,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Kellanova by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock valued at $124,893,000 after buying an additional 9,726 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Company Profile

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.