Eastern Bank Invests $428,000 in Kellanova (NYSE:K)

Eastern Bank bought a new stake in Kellanova (NYSE:K) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,300 shares of the company’s stock, valued at approximately $428,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Foundations Investment Advisors LLC bought a new stake in shares of Kellanova during the 3rd quarter worth about $488,000. Northwest Investment Counselors LLC bought a new stake in Kellanova during the third quarter worth approximately $218,000. Chicago Capital LLC acquired a new stake in Kellanova in the third quarter worth approximately $207,000. Stratos Wealth Advisors LLC bought a new position in Kellanova during the 3rd quarter valued at $204,000. Finally, Aaron Wealth Advisors LLC increased its position in shares of Kellanova by 2.6% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 7,219 shares of the company’s stock valued at $583,000 after purchasing an additional 181 shares during the period. Institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

NYSE K opened at $80.96 on Thursday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The firm has a market capitalization of $27.68 billion, a price-to-earnings ratio of 30.32, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The company has a 50 day simple moving average of $80.58 and a 200-day simple moving average of $67.15. Kellanova has a 52-week low of $49.41 and a 52-week high of $81.26.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the business posted $1.25 EPS. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. Equities research analysts predict that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. Kellanova’s dividend payout ratio (DPR) is 85.39%.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total value of $5,757,978.00. Following the completion of the sale, the insider now directly owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $74.01, for a total value of $5,757,978.00. Following the completion of the sale, the insider now owns 50,830,838 shares of the company’s stock, valued at approximately $3,761,990,320.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,191,081 shares of company stock worth $93,637,014 in the last three months. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on K. JPMorgan Chase & Co. upped their price objective on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price objective on the stock in a research note on Monday, August 5th. Barclays increased their target price on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Argus lowered shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Evercore ISI upgraded Kellanova to a “hold” rating in a research report on Friday, August 2nd. Fifteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $74.32.

Kellanova 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.