Kellanova (NYSE:K) Reaches New 1-Year Low - Here's What Happened

Key Points

• Kellanova's stock hit a new 52-week low at $77.50, a significant decline from the previous close of $78.20, with nearly 969,000 shares traded.
• Analysts have mixed sentiments on Kellanova, with five rating it as a "Hold" and a consensus price target of $83.38.
• The company increased its quarterly dividend to $0.58 per share, which equates to a 3.0% dividend yield.

Kellanova (NYSE:K - Get Free Report)'s share price hit a new 52-week low on Friday . The company 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

A number of equities analysts recently commented on K shares. JPMorgan Chase & Co. began coverage on Kellanova in a report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price on the stock. Wall Street Zen lowered Kellanova from a "hold" rating to a "sell" rating in a report on Sunday. Finally, Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $83.38.

Kellanova Stock Down 1.0%

The business has a 50-day simple moving average of $79.67 and a 200-day simple moving average of $80.94. 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 company has a market cap of $26.91 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 4.82 and a beta of 0.27.

Kellanova (NYSE:K - Get Free Report) last posted 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 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 quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. On average, equities analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

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

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction on 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 transaction, the insider directly owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 1,031,263 shares of company stock worth $82,079,367. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Grove Bank & Trust purchased a new position in Kellanova in the first quarter worth $25,000. Financial Network Wealth Advisors LLC acquired a new position in Kellanova in the 1st quarter valued at about $25,000. MorganRosel Wealth Management LLC purchased a new position in Kellanova in the 1st quarter valued at about $27,000. Trust Co. of Toledo NA OH acquired a new stake in shares of Kellanova during the 2nd quarter worth about $45,000. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Kellanova during the first quarter worth about $49,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

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.