Kellanova (NYSE:K) Upgraded to “Outperform” at BNP Paribas

BNP Paribas upgraded shares of Kellanova (NYSE:K) from a neutral rating to an outperform rating in a research note issued to investors on Monday morning, Marketbeat reports. BNP Paribas currently has $74.00 price objective on the stock.

Several other research analysts also recently commented on K. Piper Sandler raised their target price on Kellanova from $60.00 to $63.00 and gave the stock a neutral rating in a research note on Friday. Bank of America raised shares of Kellanova from a neutral rating to a buy rating and boosted their price objective for the company from $62.00 to $70.00 in a research note on Friday. Barclays lowered their target price on shares of Kellanova from $64.00 to $61.00 and set an equal weight rating on the stock in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Kellanova from $60.00 to $62.00 and gave the company a hold rating in a research report on Friday. Finally, TD Cowen increased their price objective on Kellanova from $57.00 to $62.00 and gave the stock a hold rating in a research report on Friday, May 3rd. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Kellanova has a consensus rating of Hold and an average target price of $66.93.

Kellanova Stock Performance

Kellanova stock traded up $0.13 during midday trading on Monday, reaching $73.33. The stock had a trading volume of 7,775,454 shares, compared to its average volume of 2,930,295. The firm has a market capitalization of $25.07 billion, a PE ratio of 27.46, a P/E/G 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 $75.40. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The firm’s 50-day moving average price is $58.50 and its 200 day moving average price is $57.39.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $3.15 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, research analysts predict that Kellanova will post 3.68 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $2.28 annualized dividend and a dividend yield of 3.11%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio (DPR) is currently 85.39%.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $62.01, for a total value 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 778,000 shares of company stock valued at $45,509,110 over the last three months. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in 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 in the last quarter. Ballentine Partners LLC bought a new stake in shares of Kellanova during the 4th quarter valued at $247,000. Arizona State Retirement System boosted its holdings in shares of Kellanova by 0.6% during the 4th quarter. Arizona State Retirement System now owns 75,272 shares of the company’s stock valued at $4,208,000 after buying an additional 462 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Kellanova by 17.8% during the 4th quarter. Private Trust Co. NA now owns 3,906 shares of the company’s stock valued at $218,000 after buying an additional 590 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of 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 buying an additional 14,217 shares in the last quarter. 83.87% of the stock is 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.