Kellanova (NYSE:K) PT Raised to $62.00

Kellanova (NYSE:K) had its price objective upped by TD Cowen from $57.00 to $62.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has a hold rating on the stock.

A number of other brokerages also recently weighed in on K. Citigroup began coverage on shares of Kellanova in a research note on Thursday, February 1st. They set a neutral rating and a $57.00 target price for the company. DA Davidson started coverage on shares of Kellanova in a research note on Friday, March 1st. They set a buy rating and a $67.00 price target on the stock. StockNews.com lowered shares of Kellanova from a buy rating to a hold rating in a report on Friday, February 9th. Stifel Nicolaus boosted their price objective on Kellanova from $56.00 to $58.00 and gave the company a hold rating in a research report on Thursday, January 25th. Finally, Piper Sandler upped their target price on shares of Kellanova from $59.00 to $60.00 and gave the stock a neutral rating in a research report on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $61.46.

Kellanova Price Performance

K traded down $0.78 on Friday, reaching $59.73. The company had a trading volume of 1,713,280 shares, compared to its average volume of 3,236,997. The business has a 50 day simple moving average of $56.23 and a 200 day simple moving average of $54.65. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. The company has a market cap of $20.42 billion, a price-to-earnings ratio of 22.43, a P/E/G ratio of 2.32 and a beta of 0.39. Kellanova has a 52-week low of $47.63 and a 52-week high of $71.53.

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

Kellanova Announces Dividend

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

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $58.00, for a total transaction of $4,512,400.00. Following the completion of the sale, the insider now owns 51,842,238 shares in the company, valued at $3,006,849,804. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 933,600 shares of company stock worth $51,891,044. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Kellanova

A number of institutional investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new position in Kellanova in the fourth quarter valued at about $889,000. Comerica Bank acquired a new stake in shares of Kellanova in the third quarter valued at approximately $4,974,000. Raymond James & Associates raised its stake in Kellanova by 11.9% during the 4th quarter. Raymond James & Associates now owns 400,371 shares of the company’s stock valued at $22,385,000 after acquiring an additional 42,656 shares in the last quarter. Soltis Investment Advisors LLC increased its stake in Kellanova by 25.7% during the 3rd quarter. Soltis Investment Advisors LLC now owns 46,127 shares of the company’s stock valued at $2,745,000 after buying an additional 9,434 shares during the period. Finally, Handelsbanken Fonder AB lifted its position in Kellanova by 29.0% in the fourth quarter. Handelsbanken Fonder AB now owns 180,783 shares of the company’s stock worth $10,108,000 after purchasing an additional 40,656 shares during the period. 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.