Kellanova (NYSE:K) Price Target Raised to $67.00 at Barclays

Kellanova (NYSE:K) had its price objective hoisted by Barclays from $61.00 to $67.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

K has been the subject of a number of other reports. JPMorgan Chase & Co. upped their price target on shares of Kellanova from $66.00 to $69.00 and gave the company a neutral rating in a report on Friday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Kellanova from $60.00 to $62.00 and gave the company a hold rating in a report on Friday. Piper Sandler upped their price target on shares of Kellanova from $60.00 to $63.00 and gave the company a neutral rating in a report on Friday. Royal Bank of Canada raised shares of Kellanova from a sector perform rating to an outperform rating and upped their price target for the company from $62.00 to $76.00 in a report on Monday. Finally, 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. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $66.93.

Kellanova Price Performance

K stock traded up $0.15 during trading on Monday, hitting $73.35. The company had a trading volume of 7,709,593 shares, compared to its average volume of 2,930,287. The firm has a market capitalization of $25.08 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 2.22 and a beta of 0.34. The business has a 50 day moving average of $58.50 and a 200 day moving average of $57.39. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $75.40. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.11. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 earnings per share. As a group, research analysts predict that Kellanova will post 3.68 earnings per share for the current year.

Kellanova Increases Dividend

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

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $62.01, for a total transaction of $4,824,378.00. Following the completion of the sale, the insider now owns 51,608,838 shares of the company’s stock, valued at $3,200,264,044.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 778,000 shares of company stock worth $45,509,110. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Kellanova

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares during the period. Bfsg LLC raised its stake in shares of Kellanova by 64.5% in the first quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after purchasing an additional 200 shares in the last quarter. Family Firm Inc. acquired a new position in shares of Kellanova in the second quarter valued at $29,000. BNP Paribas acquired a new position in shares of Kellanova in the first quarter valued at $30,000. Finally, Motco raised its stake in shares of Kellanova by 757.6% in the fourth quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. 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.