Kellanova (NYSE:K) Price Target Cut to $62.00

Kellanova (NYSE:KGet Free Report) had its price objective cut by Bank of America from $64.00 to $62.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential upside of 9.46% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Barclays upped their target price on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. TD Cowen increased their target price on Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. DA Davidson increased their target price on Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. increased their target price on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.85.

Read Our Latest Analysis on Kellanova

Kellanova Price Performance

Shares of K traded up $0.27 on Wednesday, reaching $56.64. The stock had a trading volume of 648,377 shares, compared to its average volume of 2,863,752. The firm has a market capitalization of $19.36 billion, a PE ratio of 21.18, a PEG ratio of 1.99 and a beta of 0.34. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average of $59.49 and a 200 day moving average of $56.99. Kellanova has a twelve month low of $47.63 and a twelve month high of $68.23.

Kellanova (NYSE:KGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the firm posted $1.10 EPS. The company’s revenue was down 4.2% compared to the same quarter last year. Sell-side analysts expect that Kellanova will post 3.62 EPS for the current year.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $57.76, for a total transaction of $4,493,728.00. Following the completion of the sale, the insider now directly owns 51,920,038 shares in the company, valued at $2,998,901,394.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Nicolas Amaya sold 9,800 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was 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 directly owns 26,191 shares in the company, valued at $1,572,769.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $57.76, for a total value of $4,493,728.00. Following the completion of the transaction, the insider now owns 51,920,038 shares of the company’s stock, valued at $2,998,901,394.88. The disclosure for this sale can be found here. In the last three months, insiders sold 865,600 shares of company stock worth $50,838,732. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

A number of hedge funds have recently bought and sold shares of K. Norges Bank acquired a new position in Kellanova in the fourth quarter worth about $150,184,000. Vanguard Group Inc. grew its stake in Kellanova by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock worth $1,797,525,000 after purchasing an additional 1,130,582 shares in the last quarter. Anchor Capital Advisors LLC acquired a new position in Kellanova in the fourth quarter worth about $38,939,000. Boston Partners grew its stake in Kellanova by 117.1% in the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock worth $73,221,000 after purchasing an additional 689,395 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. lifted its holdings in Kellanova by 15.5% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after acquiring an additional 655,686 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

About Kellanova

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Kellanova (NYSE:K)

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