Piper Sandler Boosts Kellanova (NYSE:K) Price Target to $63.00

Kellanova (NYSE:K) had its price objective upped by Piper Sandler from $60.00 to $63.00 in a research report report published on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research analysts have also 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 report on Thursday, May 9th. Bank of America raised shares of Kellanova from a neutral rating to a buy rating and increased their price objective for the company from $62.00 to $70.00 in a research report on Friday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Kellanova from $62.00 to $60.00 and set a hold rating for the company in a report on Tuesday, July 23rd. TD Cowen increased their price target on shares of Kellanova from $57.00 to $62.00 and gave the company a hold rating in a report on Friday, May 3rd. Finally, Barclays reduced their price objective on Kellanova from $64.00 to $61.00 and set an equal weight rating for the company in a report on Friday, July 19th. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Kellanova currently has an average rating of Hold and a consensus target price of $66.93.

Kellanova Stock Performance

NYSE K traded up $0.73 on Friday, hitting $73.93. 4,356,185 shares of the stock were exchanged, compared to its average volume of 2,907,932. The company has a market capitalization of $25.28 billion, a PE ratio of 27.49, a P/E/G ratio of 2.22 and a beta of 0.34. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.41. The business’s fifty day moving average is $58.50 and its 200 day moving average is $57.39. Kellanova has a 52 week low of $47.63 and a 52 week high of $75.40.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the firm earned $1.25 EPS. Kellanova’s quarterly revenue was down 4.7% compared to the same quarter last year. Research analysts anticipate that Kellanova will post 3.68 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be given a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 3.08%. Kellanova’s payout ratio is presently 85.39%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now owns 51,608,838 shares of the company’s stock, valued at approximately $3,200,264,044.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 778,000 shares of company stock worth $45,509,110. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

A number of institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its stake in shares of Kellanova by 55.1% during the fourth 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. Fifth Third Bancorp boosted its position in Kellanova by 22.3% during the 4th quarter. Fifth Third Bancorp now owns 17,708 shares of the company’s stock worth $990,000 after buying an additional 3,224 shares during the period. Ballentine Partners LLC bought a new stake in Kellanova during the 4th quarter worth approximately $247,000. Arizona State Retirement System increased its position in Kellanova by 0.6% in the 4th quarter. Arizona State Retirement System now owns 75,272 shares of the company’s stock valued at $4,208,000 after acquiring an additional 462 shares during the period. Finally, Private Trust Co. NA lifted its holdings in shares of Kellanova by 17.8% during the fourth quarter. Private Trust Co. NA now owns 3,906 shares of the company’s stock worth $218,000 after purchasing an additional 590 shares during the period. 83.87% of the stock is currently owned by institutional investors and hedge funds.

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.