Kellanova (NYSE:K) Hits New 1-Year High – Here’s Why

Shares of Kellanova (NYSE:K) hit a new 52-week high during trading on Monday . The stock traded as high as $83.47 and last traded at $83.4250, with a volume of 148955 shares trading hands. The stock had previously closed at $83.45.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Kellanova from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 target price on the stock. Finally, Weiss Ratings cut shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Kellanova presently has an average rating of “Hold” and an average price target of $83.50.

Kellanova Trading Up 0.1%

The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $29.05 billion, a P/E ratio of 21.91, a P/E/G ratio of 5.16 and a beta of 0.23. The business’s fifty day simple moving average is $82.15 and its two-hundred day simple moving average is $80.94.

Kellanova (NYSE:K) last released its earnings results on Thursday, October 30th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.06. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $0.91 earnings per share. As a group, analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. Kellanova’s dividend payout ratio (DPR) is presently 63.74%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the transaction, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kellanova

Several large investors have recently modified their holdings of K. Financial Network Wealth Advisors LLC bought a new position in shares of Kellanova during the 1st quarter worth approximately $25,000. BNP Paribas raised its stake in Kellanova by 110.7% during the third quarter. BNP Paribas now owns 354 shares of the company’s stock worth $29,000 after acquiring an additional 186 shares in the last quarter. Close Asset Management Ltd acquired a new position in Kellanova during the third quarter worth $33,000. Wealth Watch Advisors INC bought a new position in shares of Kellanova during the third quarter valued at $33,000. Finally, Trust Co. of Toledo NA OH acquired a new stake in shares of Kellanova in the 2nd quarter valued at $45,000. 83.87% of the stock is currently owned by institutional investors.

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.