Kellanova (NYSE:K) Price Target Raised to $62.00

Kellanova (NYSE:K) had its price objective boosted by TD Cowen from $57.00 to $62.00 in a report released on Friday, Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research analysts have also recently commented on the company. DA Davidson started coverage on Kellanova in a research note on Friday, March 1st. They issued a buy rating and a $67.00 price target for the company. Barclays increased their price target on Kellanova from $55.00 to $60.00 and gave the stock an equal weight rating in a report on Monday, February 12th. Wells Fargo & Company raised their price objective on Kellanova from $56.00 to $58.00 and gave the company an equal weight rating in a research note on Friday, February 9th. Stifel Nicolaus boosted their price objective on Kellanova from $56.00 to $58.00 and gave the stock a hold rating in a report on Thursday, January 25th. Finally, StockNews.com cut shares of Kellanova from a buy rating to a hold rating in a report on Friday, February 9th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $61.46.

Kellanova Stock Down 1.3 %

Shares of K stock traded down $0.78 on Friday, hitting $59.73. 1,713,280 shares of the stock were exchanged, compared to its average volume of 3,236,997. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $71.53. The business has a 50-day moving average of $56.23 and a 200 day moving average of $54.65. The firm has a market capitalization 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 (NYSE:K) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (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 company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the company posted $1.10 EPS. Kellanova’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities analysts anticipate that Kellanova will post 3.58 EPS for the current year.

Kellanova Dividend Announcement

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

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Wednesday, February 14th. The shares were 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 in the company, valued at approximately $2,824,128,173.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 933,600 shares of company stock worth $51,891,044. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Kellanova

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Kellanova in the fourth quarter worth about $150,184,000. Invesco Ltd. raised its position in shares of Kellanova by 29.4% in the 3rd quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock worth $296,971,000 after acquiring an additional 1,132,485 shares in the last quarter. Vanguard Group Inc. lifted its position in Kellanova by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after buying an additional 1,130,582 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Kellanova by 27.4% during 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 in the last quarter. Finally, Anchor Capital Advisors LLC bought a new stake in Kellanova during the fourth quarter worth about $38,939,000. Institutional investors own 83.87% of the company’s stock.

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.