Kellanova (NYSE:K) Sees Unusually-High Trading Volume – Here’s Why

Kellanova (NYSE:K) shares saw unusually-high trading volume on Thursday . Approximately 2,846,914 shares changed hands during mid-day trading, an increase of 4% from the previous session’s volume of 2,750,599 shares.The stock last traded at $80.80 and had previously closed at $81.61.

Wall Street Analysts Forecast Growth

K has been the subject of a number of analyst reports. Royal Bank of Canada cut Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. Wall Street Zen cut Kellanova from a “buy” rating to a “hold” rating in a report on Friday, May 2nd. Finally, Citigroup upgraded Kellanova to a “neutral” rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $79.75.

Kellanova Trading Down 0.4%

The firm has a market capitalization of $27.71 billion, a PE ratio of 20.64, a PEG ratio of 4.21 and a beta of 0.30. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29. The business has a fifty day moving average price of $82.22 and a two-hundred day moving average price of $81.90.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 earnings per share. Analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Monday, June 2nd were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.85%. Kellanova’s dividend payout ratio (DPR) is 57.58%.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $81.79, for a total transaction of $9,371,743.57. Following the completion of the transaction, the insider now directly owns 46,701,616 shares in the company, valued at $3,819,725,172.64. This trade represents a 0.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 1,260,413 shares of company stock worth $103,673,553 in the last three months. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kellanova

A number of institutional investors and hedge funds have recently made changes to their positions in K. Norges Bank acquired a new stake in shares of Kellanova during the 4th quarter worth about $285,126,000. Franklin Resources Inc. raised its position in shares of Kellanova by 869.5% during the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company’s stock worth $208,826,000 after acquiring an additional 2,313,047 shares in the last quarter. Pentwater Capital Management LP raised its position in shares of Kellanova by 39.0% during the 1st quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock worth $659,920,000 after acquiring an additional 2,245,000 shares in the last quarter. FIL Ltd increased its position in Kellanova by 182.3% during the fourth quarter. FIL Ltd now owns 2,388,000 shares of the company’s stock worth $193,356,000 after buying an additional 1,542,000 shares during the period. Finally, Tudor Investment Corp ET AL increased its position in Kellanova by 136.0% during the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company’s stock worth $141,356,000 after buying an additional 1,006,100 shares during the period. 83.87% of the stock is 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.