Kellanova (NYSE:K) Receives $83.38 Average Target Price from Brokerages

Shares of Kellanova (NYSE:K) have been given a consensus recommendation of “Hold” by the five research firms that are currently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $83.3750.

Several research firms recently issued reports on K. JPMorgan Chase & Co. began coverage on shares of Kellanova in a report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Kellanova in a report on Saturday, September 27th. Finally, Wall Street Zen downgraded shares of Kellanova from a “hold” rating to a “sell” rating in a report on Sunday, September 21st.

Kellanova Stock Up 0.1%

Kellanova stock opened at $82.72 on Tuesday. The company has a market capitalization of $28.76 billion, a P/E ratio of 21.71, a P/E/G ratio of 5.15 and a beta of 0.24. The firm’s fifty day simple moving average is $79.66 and its 200-day simple moving average is $80.77. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.22.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.05). The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. Sell-side analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.58 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $2.32 annualized dividend and a dividend yield of 2.8%. This is an increase from Kellanova’s previous quarterly dividend of $0.57. Kellanova’s payout ratio is currently 60.89%.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares of the company’s stock, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 802,097 shares of company stock worth $63,999,316 over the last 90 days. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Kellanova by 2.0% during the second quarter. Vanguard Group Inc. now owns 33,356,883 shares of the company’s stock worth $2,652,873,000 after acquiring an additional 661,535 shares during the period. Keybank National Association OH increased its position in Kellanova by 0.7% during the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company’s stock worth $1,626,579,000 after acquiring an additional 128,439 shares during the period. State Street Corp lifted its position in Kellanova by 2.7% in the second quarter. State Street Corp now owns 13,216,433 shares of the company’s stock worth $1,051,103,000 after purchasing an additional 352,738 shares during the period. Pentwater Capital Management LP lifted its position in Kellanova by 39.0% in the first quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock worth $659,920,000 after purchasing an additional 2,245,000 shares during the period. Finally, Geode Capital Management LLC lifted its position in Kellanova by 2.3% in the second quarter. Geode Capital Management LLC now owns 7,289,089 shares of the company’s stock worth $577,362,000 after purchasing an additional 163,126 shares during the period. Institutional investors own 83.87% of the company’s stock.

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.