Kellanova (NYSE:K) Sets New 52-Week Low – What’s Next?

Kellanova (NYSE:K) shares reached a new 52-week low during trading on Friday . The stock traded as low as $77.50 and last traded at $77.52, with a volume of 968595 shares changing hands. The stock had previously closed at $78.20.

Analysts Set New Price Targets

Several analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on Kellanova in a research note on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective for the company. Citigroup raised Kellanova to a “neutral” rating and set a $83.50 price objective for the company in a research note on Thursday, May 29th. Finally, Wall Street Zen downgraded Kellanova from a “hold” rating to a “sell” rating in a research note on Sunday. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $83.38.

Kellanova Trading Down 1.0%

The firm has a market cap of $26.91 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 4.82 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 business has a fifty day moving average of $79.67 and a two-hundred day moving average of $80.95.

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 firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. As a group, equities analysts expect that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.0%. This is a positive change from Kellanova’s previous quarterly dividend of $0.57. The ex-dividend date was Tuesday, September 2nd. Kellanova’s payout ratio is 60.89%.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value 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 trade represents a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 1,031,263 shares of company stock valued at $82,079,367. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Kellanova

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank acquired a new position in Kellanova in the second quarter worth about $294,749,000. Pentwater Capital Management LP raised its holdings in Kellanova by 39.0% during 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in Kellanova by 66.3% during the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company’s stock worth $199,049,000 after purchasing an additional 962,172 shares in the last quarter. LMR Partners LLP increased its holdings in shares of Kellanova by 1,866.3% in the second quarter. LMR Partners LLP now owns 961,906 shares of the company’s stock valued at $76,500,000 after buying an additional 912,986 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Kellanova by 21.6% in the second quarter. Bank of America Corp DE now owns 4,055,514 shares of the company’s stock valued at $322,535,000 after buying an additional 720,218 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other 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.