Kellanova (NYSE:K) PT Raised to $66.00

Kellanova (NYSE:K) had its price objective boosted by JPMorgan Chase & Co. from $59.00 to $66.00 in a research report released on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also weighed in on the company. TD Cowen increased their price target on Kellanova from $57.00 to $62.00 and gave the company a hold rating in a report on Friday. Wells Fargo & Company lifted their price objective on shares of Kellanova from $56.00 to $58.00 and gave the stock an equal weight rating in a research report on Friday, February 9th. Stifel Nicolaus increased their price objective on Kellanova from $56.00 to $58.00 and gave the company a hold rating in a report on Thursday, January 25th. Citigroup began coverage on shares of Kellanova in a research report on Thursday, February 1st. They issued a neutral rating and a $57.00 price objective for the company. Finally, Barclays boosted their target price on shares of Kellanova from $55.00 to $60.00 and gave the stock an equal weight rating in a research report on Monday, February 12th. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Kellanova currently has an average rating of Hold and a consensus price target of $61.46.

Kellanova Stock Down 1.3 %

K stock traded down $0.78 on Friday, reaching $59.73. 1,713,280 shares of the company traded hands, compared to its average volume of 3,236,997. The firm has a fifty day simple moving average of $56.23 and a 200-day simple moving average of $54.65. The company has a market cap of $20.42 billion, a P/E ratio of 22.43, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39. Kellanova has a one year low of $47.63 and a one year high of $71.53. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the previous year, the business posted $1.10 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. Research analysts anticipate that Kellanova will post 3.58 earnings per share for the current year.

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be paid a dividend of $0.56 per share. The ex-dividend date is Monday, June 3rd. This represents a $2.24 annualized dividend and a yield of 3.75%. Kellanova’s payout ratio is 83.90%.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $53.67, for a total value of $4,175,526.00. Following the transaction, the insider now owns 52,620,238 shares of the company’s stock, valued at $2,824,128,173.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 933,600 shares of company stock worth $51,891,044. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Kellanova

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Kellanova during the fourth quarter worth about $150,184,000. Invesco Ltd. lifted its holdings in shares of Kellanova by 29.4% during the third quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock worth $296,971,000 after purchasing an additional 1,132,485 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Kellanova by 3.6% during the fourth 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 period. Van ECK Associates Corp grew its position in Kellanova by 27.4% in the 3rd quarter. Van ECK Associates Corp now owns 4,890,952 shares of the company’s stock valued at $291,061,000 after buying an additional 1,051,922 shares during the last quarter. Finally, Anchor Capital Advisors LLC acquired a new position in Kellanova in the 4th quarter valued at $38,939,000. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

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.