Kellanova (NYSE:K) Shares Sold by Arizona State Retirement System

Arizona State Retirement System cut its holdings in Kellanova (NYSE:K) by 0.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,746 shares of the company’s stock after selling 345 shares during the quarter. Arizona State Retirement System’s holdings in Kellanova were worth $6,578,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Grove Bank & Trust acquired a new stake in shares of Kellanova during the 1st quarter worth about $25,000. MorganRosel Wealth Management LLC purchased a new position in shares of Kellanova during the first quarter valued at approximately $27,000. Flagship Wealth Advisors LLC acquired a new stake in Kellanova during the fourth quarter worth approximately $32,000. Accredited Wealth Management LLC acquired a new stake in Kellanova during the fourth quarter worth approximately $36,000. Finally, Twin Tree Management LP acquired a new position in Kellanova in the 4th quarter valued at $39,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Kellanova Trading Up 0.3%

Shares of K opened at $79.67 on Tuesday. Kellanova has a one year low of $55.96 and a one year high of $83.22. The stock has a 50-day moving average price of $80.92 and a 200 day moving average price of $81.71. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. The company has a market capitalization of $27.64 billion, a P/E ratio of 20.12, a P/E/G ratio of 4.21 and a beta of 0.28.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.11). The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a return on equity of 34.80% and a net margin of 10.93%. Kellanova’s revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 earnings per share. Sell-side analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders 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 dividend yield of 2.86%. Kellanova’s dividend payout ratio (DPR) is 57.58%.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $79.68, for a total value of $9,129,973.44. Following the completion of the transaction, the insider directly owned 45,899,535 shares in the company, valued at $3,657,274,948.80. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 1,374,996 shares of company stock valued at $111,466,342. Company insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

K has been the topic of several research analyst reports. Wall Street Zen cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Citigroup upgraded shares of Kellanova to a “neutral” rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. Fourteen 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, the company currently has a consensus rating of “Hold” and an average price target of $79.75.

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.