Kellanova (NYSE:K) Major Shareholder Sells $9,280,077.17 in Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $80.99, for a total value of $9,280,077.17. Following the transaction, the insider now directly owns 49,337,025 shares of the company’s stock, valued at $3,995,805,654.75. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Kellanova Price Performance

Shares of NYSE:K opened at $81.17 on Friday. The company has a market capitalization of $27.98 billion, a PE ratio of 27.89, a PEG ratio of 2.60 and a beta of 0.39. The business has a fifty day moving average price of $80.77 and a 200-day moving average price of $70.65. Kellanova has a 1-year low of $51.02 and a 1-year high of $81.34. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53.

Kellanova (NYSE:K) last issued its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the company earned $1.03 earnings per share. The business’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, equities analysts expect that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.81%. Kellanova’s dividend payout ratio is 78.35%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co raised its holdings in shares of Kellanova by 4.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after purchasing an additional 10,676 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Kellanova by 56.6% during the 1st quarter. CreativeOne Wealth LLC now owns 12,142 shares of the company’s stock valued at $696,000 after buying an additional 4,387 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of Kellanova by 15.8% in the 1st quarter. Advisors Asset Management Inc. now owns 31,434 shares of the company’s stock worth $1,801,000 after buying an additional 4,284 shares during the last quarter. Keeley Teton Advisors LLC grew its holdings in shares of Kellanova by 21.5% in the first quarter. Keeley Teton Advisors LLC now owns 46,181 shares of the company’s stock worth $2,646,000 after acquiring an additional 8,179 shares during the period. Finally, Gabelli Funds LLC increased its position in Kellanova by 8.6% during the first quarter. Gabelli Funds LLC now owns 66,800 shares of the company’s stock valued at $3,827,000 after acquiring an additional 5,300 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. StockNews.com assumed coverage on Kellanova in a report on Wednesday. They set a “hold” rating for the company. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and raised their target price for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Piper Sandler boosted their price target on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research report on Thursday, August 15th. The Goldman Sachs Group began coverage on shares of Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price objective for the company. Finally, Stifel Nicolaus upped their target price on Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a report on Monday, August 12th. Fifteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Kellanova has a consensus rating of “Hold” and a consensus price target of $76.35.

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.