Kellanova (NYSE:K) PT Raised to $62.00

Kellanova (NYSE:K) had its price target hoisted by Deutsche Bank Aktiengesellschaft from $60.00 to $62.00 in a report issued on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Bank of America upgraded Kellanova from a neutral rating to a buy rating and upped their target price for the stock from $62.00 to $70.00 in a research report on Friday. JPMorgan Chase & Co. lifted their target price on Kellanova from $59.00 to $66.00 and gave the stock a neutral rating in a report on Friday, May 3rd. DA Davidson upped their price target on shares of Kellanova from $67.00 to $72.00 and gave the company a buy rating in a report on Thursday, May 9th. Piper Sandler boosted their target price on shares of Kellanova from $60.00 to $63.00 and gave the stock a neutral rating in a report on Friday. Finally, Barclays reduced their target price on shares of Kellanova from $64.00 to $61.00 and set an equal weight rating for the company in a report on Friday, July 19th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $65.14.

Kellanova Stock Performance

K stock traded up $10.22 on Friday, reaching $73.20. The company’s stock had a trading volume of 16,055,530 shares, compared to its average volume of 2,895,472. The firm has a fifty day moving average of $58.25 and a two-hundred day moving average of $57.26. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.41. The company has a market capitalization of $25.03 billion, a P/E ratio of 27.33, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. Kellanova has a 52 week low of $47.63 and a 52 week high of $75.40.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. As a group, analysts predict that Kellanova will post 3.68 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.11%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. Kellanova’s payout ratio is currently 85.39%.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the sale, the insider now owns 51,686,638 shares of the company’s stock, valued at $3,220,594,413.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 855,800 shares of company stock valued at $50,248,686. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Kellanova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC lifted its holdings in shares of Kellanova by 10.1% during the 4th quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock worth $14,754,000 after acquiring an additional 24,124 shares during the period. Jump Financial LLC acquired a new position in shares of Kellanova in the 4th quarter worth approximately $8,178,000. International Assets Investment Management LLC lifted its position in shares of Kellanova by 133.4% during the 4th quarter. International Assets Investment Management LLC now owns 60,885 shares of the company’s stock worth $3,404,000 after buying an additional 34,800 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Kellanova by 4.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after acquiring an additional 10,676 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new position in Kellanova during the fourth quarter worth $889,000. Institutional investors and hedge funds 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.