Kellanova (NYSE:K) PT Raised to $62.00 at Royal Bank of Canada

Kellanova (NYSE:K) had its price target hoisted by analysts at Royal Bank of Canada from $60.00 to $62.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 1.56% from the stock’s previous close.

K has been the subject of a number of other research reports. JPMorgan Chase & Co. increased their price objective on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research note on Friday. Barclays dropped their price objective on shares of Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Kellanova from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Friday. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and increased their price objective for the company from $62.00 to $70.00 in a research note on Friday. Finally, Piper Sandler increased their price objective on shares of Kellanova from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $62.79.

Kellanova Stock Performance

NYSE:K traded up $0.93 during trading hours on Friday, hitting $62.98. 4,468,397 shares of the company traded hands, compared to its average volume of 2,804,780. The stock has a market capitalization of $21.53 billion, a price-to-earnings ratio of 23.59, a P/E/G ratio of 2.12 and a beta of 0.34. Kellanova has a twelve month low of $47.63 and a twelve month high of $67.79. The firm has a 50-day moving average of $58.21 and a 200 day moving average of $57.17. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34.

Kellanova (NYSE:K) last released its earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 EPS. On average, analysts forecast that Kellanova will post 3.61 EPS for the current year.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the sale, the insider now directly owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Nicolas Amaya sold 9,800 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The transaction was disclosed in a document filed 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 firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the completion of the transaction, the insider now directly owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 865,600 shares of company stock valued at $50,837,176. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Kellanova

Several hedge funds and other institutional investors have recently made changes to their positions in K. Blue Trust Inc. grew its stake in shares of Kellanova by 55.1% in the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after buying an additional 206 shares in the last quarter. Fifth Third Bancorp boosted its position in Kellanova by 22.3% during the fourth quarter. Fifth Third Bancorp now owns 17,708 shares of the company’s stock worth $990,000 after purchasing an additional 3,224 shares during the period. Ballentine Partners LLC bought a new position in Kellanova during the fourth quarter worth $247,000. Arizona State Retirement System boosted its position in Kellanova by 0.6% during the fourth quarter. Arizona State Retirement System now owns 75,272 shares of the company’s stock worth $4,208,000 after purchasing an additional 462 shares during the period. Finally, Private Trust Co. NA boosted its position in Kellanova by 17.8% during the fourth quarter. Private Trust Co. NA now owns 3,906 shares of the company’s stock worth $218,000 after purchasing an additional 590 shares during the period. 83.87% of the stock is owned by 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.