Kellanova (NYSE:K) Rating Increased to Outperform at BNP Paribas

BNP Paribas upgraded shares of Kellanova (NYSE:K) from a neutral rating to an outperform rating in a research report sent to investors on Monday, MarketBeat Ratings reports. They currently have $74.00 price target on the stock.

A number of other research analysts have also recently weighed in on K. DA Davidson raised their price target on Kellanova from $67.00 to $72.00 and gave the company a buy rating in a research report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft raised their target price 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. Barclays cut their price target on Kellanova from $64.00 to $61.00 and set an equal weight rating for the company in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Kellanova from $66.00 to $69.00 and gave the company a neutral rating in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $66.93.

Kellanova Price Performance

Shares of K traded up $0.13 during mid-day trading on Monday, hitting $73.33. The company’s stock had a trading volume of 7,775,454 shares, compared to its average volume of 2,930,295. The firm has a 50-day simple moving average of $58.50 and a 200 day simple moving average of $57.39. Kellanova has a 1-year low of $47.63 and a 1-year high of $75.40. The firm has a market capitalization of $25.07 billion, a P/E ratio of 27.46, a P/E/G ratio of 2.22 and a beta of 0.34. 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 announced its quarterly earnings data on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. Analysts predict that Kellanova will post 3.68 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.11%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s payout ratio is 85.39%.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 51,608,838 shares in the company, valued at $3,200,264,044.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold 778,000 shares of company stock valued at $45,509,110 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Kellanova

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. grew its stake in Kellanova by 55.1% during the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after purchasing an additional 206 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Kellanova during the fourth quarter worth approximately $247,000. Arizona State Retirement System increased its stake in shares of Kellanova by 0.6% in the fourth quarter. Arizona State Retirement System now owns 75,272 shares of the company’s stock worth $4,208,000 after buying an additional 462 shares during the last quarter. Private Trust Co. NA raised its holdings in Kellanova by 17.8% in the fourth quarter. Private Trust Co. NA now owns 3,906 shares of the company’s stock valued at $218,000 after acquiring an additional 590 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in Kellanova by 5.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 270,584 shares of the company’s stock valued at $15,050,000 after acquiring an additional 14,217 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

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.