JPMorgan Chase & Co. Raises Kellanova (NYSE:K) Price Target to $66.00

Kellanova (NYSE:K) had its price target raised by JPMorgan Chase & Co. from $59.00 to $66.00 in a research report report published on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

K has been the subject of several other reports. DA Davidson started coverage on shares of Kellanova in a report on Friday, March 1st. They set a buy rating and a $67.00 price objective for the company. Citigroup began coverage on Kellanova in a research note on Thursday, February 1st. They set a neutral rating and a $57.00 price target for the company. Wells Fargo & Company boosted their target price on shares of Kellanova from $56.00 to $58.00 and gave the company an equal weight rating in a research report on Friday, February 9th. TD Cowen increased their price target on shares of Kellanova from $57.00 to $62.00 and gave the stock a hold rating in a research report on Friday. Finally, StockNews.com lowered Kellanova from a buy rating to a hold rating in a research note on Friday, February 9th. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $61.46.

Kellanova Stock Performance

Shares of K traded down $0.78 during mid-day trading on Friday, hitting $59.73. The stock had a trading volume of 1,713,280 shares, compared to its average volume of 3,236,997. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The firm has a market cap of $20.42 billion, a P/E ratio of 22.43, a PEG ratio of 2.32 and a beta of 0.39. Kellanova has a 52 week low of $47.63 and a 52 week high of $71.53. The business has a fifty day moving average price of $56.23 and a 200-day moving average price of $54.65.

Kellanova (NYSE:K) last posted its quarterly earnings data 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 the consensus estimate of $3.16 billion. During the same period in the previous year, the firm posted $1.10 EPS. The firm’s revenue was down 4.2% compared to the same quarter last year. On average, equities research analysts expect that Kellanova will post 3.58 EPS for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be issued a dividend of $0.56 per share. The ex-dividend date is Monday, June 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.75%. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $53.67, for a total transaction of $4,175,526.00. Following the completion of the transaction, the insider now owns 52,620,238 shares in the company, valued at approximately $2,824,128,173.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 933,600 shares of company stock valued at $51,891,044 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of K. SPC Financial Inc. grew its position in Kellanova by 7.3% in the 1st quarter. SPC Financial Inc. now owns 8,850 shares of the company’s stock valued at $507,000 after buying an additional 604 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Kellanova by 146.7% in the first quarter. Larson Financial Group LLC now owns 851 shares of the company’s stock valued at $49,000 after purchasing an additional 506 shares during the period. Easterly Investment Partners LLC purchased a new position in shares of Kellanova in the 1st quarter worth $6,452,000. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Kellanova by 33.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,322 shares of the company’s stock valued at $706,000 after acquiring an additional 3,102 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in shares of Kellanova in the first quarter valued at $143,000. 83.87% of the stock is currently 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.