Kellanova (NYSE:K) Price Target Increased to $63.00 by Analysts at Piper Sandler

Kellanova (NYSE:K) had its target price lifted by Piper Sandler from $60.00 to $63.00 in a report released on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on K. DA Davidson boosted their target price on Kellanova from $67.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, May 9th. TD Cowen lifted their price objective on Kellanova from $57.00 to $62.00 and gave the stock a hold rating in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on Kellanova from $62.00 to $60.00 and set a hold rating for the company in a research note on Tuesday, July 23rd. Barclays decreased their target price on Kellanova from $64.00 to $61.00 and set an equal weight rating for the company in a research note on Friday, July 19th. Finally, Bank of America raised Kellanova from a neutral rating to a buy rating and boosted their target price for the company from $62.00 to $70.00 in a research note on Friday. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $62.79.

Kellanova Price Performance

K traded up $0.93 during trading on Friday, hitting $62.98. The company’s stock had a trading volume of 4,730,736 shares, compared to its average volume of 2,053,996. The stock has a market capitalization of $21.53 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. Kellanova has a 12 month low of $47.63 and a 12 month high of $67.79. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The firm’s 50 day moving average price is $58.25 and its two-hundred day moving average price is $57.22.

Kellanova (NYSE:K) last released its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. Sell-side analysts forecast that Kellanova will post 3.68 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. This represents a $2.28 annualized dividend and a yield of 3.62%. Kellanova’s dividend payout ratio is currently 83.90%.

Insider Buying and Selling 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 that occurred on Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total value of $4,739,576.00. Following the sale, the insider now owns 51,764,438 shares in the company, valued at $3,153,489,562.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the transaction, the senior vice president now 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 the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total value of $4,739,576.00. Following the completion of the transaction, the insider now directly owns 51,764,438 shares in the company, valued at approximately $3,153,489,562.96. The disclosure for this sale can be found here. Insiders have sold 865,600 shares of company stock worth $50,837,176 over the last 90 days. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Several institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its position in Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after buying an additional 170 shares in the last quarter. Zhang Financial LLC grew its position in Kellanova by 0.8% during the first quarter. Zhang Financial LLC now owns 21,318 shares of the company’s stock worth $1,221,000 after buying an additional 176 shares in the last quarter. IFG Advisory LLC boosted its holdings in shares of Kellanova by 1.4% in the 2nd quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock valued at $797,000 after purchasing an additional 189 shares in the last quarter. Eukles Asset Management boosted its holdings in shares of Kellanova by 0.7% in the 2nd quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock valued at $1,521,000 after purchasing an additional 193 shares in the last quarter. Finally, Bfsg LLC boosted its holdings in shares of Kellanova by 64.5% in the 1st 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. 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.