Kellanova (NYSE:K) Sets New 52-Week High – Here’s What Happened

Kellanova (NYSE:K) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $83.22 and last traded at $82.62, with a volume of 492982 shares changing hands. The stock had previously closed at $82.61.

Analysts Set New Price Targets

Several equities analysts recently issued reports on K shares. StockNews.com started coverage on shares of Kellanova in a report on Tuesday. They set a “hold” rating on the stock. Royal Bank of Canada upgraded Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 price objective for the company in a research note on Tuesday, February 18th. Thirteen analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $77.96.

Kellanova Stock Performance

The company’s fifty day moving average price is $81.87 and its two-hundred day moving average price is $81.10. The firm has a market capitalization of $28.46 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 4.21 and a beta of 0.37. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. As a group, equities analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Monday, March 3rd will be paid a $0.57 dividend. The ex-dividend date is Monday, March 3rd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.77%. Kellanova’s payout ratio is presently 58.91%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $80.64, for a total transaction of $9,239,973.12. Following the sale, the insider now owns 48,878,693 shares of the company’s stock, valued at $3,941,577,803.52. This represents a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 1,145,830 shares of company stock worth $93,461,916. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Kellanova

Several hedge funds have recently bought and sold shares of the stock. Stonebridge Financial Group LLC acquired a new stake in Kellanova during the fourth quarter worth approximately $27,000. BankPlus Trust Department acquired a new position in Kellanova in the 4th quarter worth about $28,000. Rialto Wealth Management LLC bought a new position in shares of Kellanova in the 4th quarter worth about $32,000. Flagship Wealth Advisors LLC acquired a new position in Kellanova in the fourth quarter valued at approximately $32,000. Finally, First Horizon Advisors Inc. boosted its stake in Kellanova by 64.8% during the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock worth $36,000 after acquiring an additional 173 shares in the last quarter. 83.87% of the stock is currently 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.