Kellanova (NYSE:K) Raised to Buy at Bank of America

Bank of America upgraded shares of Kellanova (NYSE:K) from a neutral rating to a buy rating in a report released on Friday morning, MarketBeat Ratings reports. They currently have $70.00 target price on the stock, up from their prior target price of $62.00.

Other research analysts have also issued research reports about the stock. TD Cowen raised their price objective on shares of Kellanova from $57.00 to $62.00 and gave the company a hold rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Kellanova from $62.00 to $60.00 and set a hold rating on the stock in a report on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price objective on Kellanova from $59.00 to $66.00 and gave the company a neutral rating in a report on Friday, May 3rd. Barclays reduced their price target on Kellanova from $64.00 to $61.00 and set an equal weight rating on the stock in a research report on Friday, July 19th. Finally, DA Davidson raised their price objective on Kellanova from $67.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $66.93.

Kellanova Price Performance

K stock traded up $0.73 during mid-day trading on Friday, hitting $73.93. The stock had a trading volume of 4,356,185 shares, compared to its average volume of 2,907,932. The firm has a fifty day simple moving average of $58.50 and a 200 day simple moving average of $57.39. Kellanova has a 52 week low of $47.63 and a 52 week high of $75.40. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $25.28 billion, a P/E ratio of 27.49, a P/E/G ratio of 2.22 and a beta of 0.34.

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

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be given 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 yield of 3.08%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is presently 85.39%.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the sale, the insider now directly owns 51,686,638 shares of the company’s stock, valued at $3,220,594,413.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 778,000 shares of company stock valued at $45,509,110 in the last three months. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Kellanova

Large investors have recently made changes to their positions in the stock. Intech Investment Management LLC increased its holdings in Kellanova by 10.1% during the 4th quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock worth $14,754,000 after acquiring an additional 24,124 shares during the period. Jump Financial LLC purchased a new stake in shares of Kellanova in the fourth quarter worth $8,178,000. International Assets Investment Management LLC grew its position in Kellanova by 133.4% during the fourth quarter. International Assets Investment Management LLC now owns 60,885 shares of the company’s stock worth $3,404,000 after buying an additional 34,800 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Kellanova by 4.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock worth $14,705,000 after acquiring an additional 10,676 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of Kellanova in the 4th quarter valued at about $889,000. 83.87% of the stock is owned by 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.