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

Kellanova (NYSE:K) had its price target hoisted by stock analysts at JPMorgan Chase & Co. from $59.00 to $66.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 9.07% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Citigroup assumed coverage on Kellanova in a research report on Thursday, February 1st. They issued a “neutral” rating and a $57.00 price target for the company. DA Davidson initiated coverage on shares of Kellanova in a report on Friday, March 1st. They set a “buy” rating and a $67.00 target price for the company. Stifel Nicolaus upped their price target on shares of Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Piper Sandler increased their price target on shares of Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Finally, StockNews.com downgraded Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Kellanova currently has a consensus rating of “Hold” and a consensus price target of $62.67.

Kellanova Stock Down 1.3 %

K stock opened at $60.51 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The company’s 50-day moving average price is $56.23 and its 200 day moving average price is $54.59. Kellanova has a 52 week low of $47.63 and a 52 week high of $71.53. The company has a market cap of $20.68 billion, a P/E ratio of 22.66, a P/E/G ratio of 2.32 and a beta of 0.39.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. During the same period last year, the firm earned $1.10 EPS. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, research analysts expect that Kellanova will post 3.58 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $53.67, for a total value of $4,175,526.00. Following the completion of the sale, the insider now owns 52,620,238 shares of the company’s stock, valued at $2,824,128,173.46. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 933,600 shares of company stock valued at $51,891,044 over the last quarter. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Kellanova

A number of hedge funds and other institutional investors have recently made changes to their positions in K. Cambridge Investment Research Advisors Inc. grew its position in shares of Kellanova by 11.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 76,811 shares of the company’s stock valued at $4,571,000 after purchasing an additional 7,780 shares during the period. Xponance Inc. increased its stake in Kellanova by 6.4% during the third quarter. Xponance Inc. now owns 34,648 shares of the company’s stock worth $2,062,000 after acquiring an additional 2,097 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in Kellanova by 3.5% during the third quarter. Pinnacle Associates Ltd. now owns 6,498 shares of the company’s stock worth $387,000 after acquiring an additional 221 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in Kellanova by 9.1% during the third quarter. Stratos Wealth Partners LTD. now owns 5,444 shares of the company’s stock worth $324,000 after acquiring an additional 452 shares during the last quarter. Finally, Independent Advisor Alliance increased its stake in Kellanova by 3.9% during the third quarter. Independent Advisor Alliance now owns 6,831 shares of the company’s stock worth $407,000 after acquiring an additional 255 shares during the last quarter. Hedge funds and other 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.