Brokerages Set Kellanova (NYSE:K) Price Target at $83.38

Key Points

• Analysts have given Kellanova (NYSE:K) an average recommendation of "Hold", with a twelve-month target price of $83.3750 following recent ratings updates from several research firms.
• Kellanova reported quarterly earnings of $0.94 per share, missing consensus estimates of $0.99, while also experiencing a 0.3% year-over-year revenue increase to $3.20 billion.
• The company recently announced an increase in its quarterly dividend to $0.58, reflecting a total annualized dividend yield of 2.9%.

Shares of Kellanova (NYSE:K - Get Free Report) have earned a consensus rating of "Hold" from the five brokerages that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $83.3750.

A number of research analysts have recently issued reports on K shares. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a research note on Thursday, May 29th. JPMorgan Chase & Co. started coverage on Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price objective on the stock. Finally, Wall Street Zen downgraded Kellanova from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th.

Kellanova Trading Up 0.5%

Shares of NYSE:K traded up $0.38 during midday trading on Friday, reaching $79.86. The company's stock had a trading volume of 3,493,186 shares, compared to its average volume of 2,250,534. The firm has a market capitalization of $27.76 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 4.97 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The firm has a 50 day moving average price of $79.81 and a two-hundred day moving average price of $81.20. Kellanova has a fifty-two week low of $77.70 and a fifty-two week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The business had revenue of $3.20 billion during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $1.01 earnings per share. As a group, analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider directly owned 45,097,438 shares of the company's stock, valued at approximately $3,587,501,192.90. This represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 1,260,429 shares of company stock worth $100,650,980. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. raised its stake in Kellanova by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after buying an additional 123 shares during the period. Independent Advisor Alliance raised its stake in Kellanova by 1.8% during the 1st quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock worth $605,000 after buying an additional 131 shares during the period. Sequoia Financial Advisors LLC raised its stake in Kellanova by 1.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after buying an additional 132 shares during the period. Cigna Investments Inc. New raised its stake in Kellanova by 5.3% during the 2nd quarter. Cigna Investments Inc. New now owns 2,797 shares of the company's stock worth $222,000 after buying an additional 141 shares during the period. Finally, Ethic Inc. increased its holdings in Kellanova by 0.9% during the 2nd quarter. Ethic Inc. now owns 17,216 shares of the company's stock worth $1,360,000 after purchasing an additional 150 shares in the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

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.