Kellanova (NYSE:K) Given New $69.00 Price Target at JPMorgan Chase & Co.

Kellanova (NYSE:K) had its price target boosted by JPMorgan Chase & Co. from $66.00 to $69.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. DA Davidson upped their target price on Kellanova from $67.00 to $72.00 and gave the company a buy rating in a report on Thursday, May 9th. TD Cowen lifted their target price on shares of Kellanova from $57.00 to $62.00 and gave the stock a hold rating in a research report on Friday, May 3rd. Bank of America raised shares of Kellanova from a neutral rating to a buy rating and raised their price objective for the stock from $62.00 to $70.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Kellanova from $60.00 to $62.00 and gave the company a hold rating in a research note on Friday. Finally, Barclays lowered their price target on Kellanova from $64.00 to $61.00 and set an equal weight rating on the stock in a report on Friday, July 19th. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $62.79.

Kellanova Price Performance

Shares of NYSE:K opened at $62.98 on Friday. The stock’s 50 day moving average price is $58.25 and its 200 day moving average price is $57.22. 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 stock has a market cap of $21.53 billion, a price-to-earnings ratio of 23.59, a PEG 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.

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

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Monday, July 29th. The shares were sold at an average price of $57.23, for a total value of $4,452,494.00. Following the transaction, the insider now owns 50,908,638 shares in the company, valued at approximately $2,913,501,352.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $57.23, for a total value of $4,452,494.00. Following the sale, the insider now directly owns 50,908,638 shares in the company, valued at approximately $2,913,501,352.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $60.05, for a total transaction of $588,490.00. Following the completion of the sale, the senior vice president now owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 865,600 shares of company stock worth $50,837,176. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake in shares of Kellanova by 55.1% in the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after acquiring an additional 206 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Kellanova by 22.3% in the fourth quarter. Fifth Third Bancorp now owns 17,708 shares of the company’s stock valued at $990,000 after buying an additional 3,224 shares during the last quarter. Ballentine Partners LLC acquired a new position in Kellanova during the 4th quarter worth about $247,000. Arizona State Retirement System grew its holdings in Kellanova by 0.6% during the 4th quarter. Arizona State Retirement System now owns 75,272 shares of the company’s stock worth $4,208,000 after acquiring an additional 462 shares during the last quarter. Finally, Private Trust Co. NA increased its position in Kellanova by 17.8% in the 4th 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. 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.