Mengis Capital Management Inc. Decreases Stock Position in Kellanova $K

Mengis Capital Management Inc. reduced its position in Kellanova (NYSE:K) by 16.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,615 shares of the company’s stock after selling 501 shares during the period. Mengis Capital Management Inc.’s holdings in Kellanova were worth $208,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Grove Bank & Trust purchased a new position in Kellanova in the 1st quarter worth approximately $25,000. Financial Network Wealth Advisors LLC purchased a new position in Kellanova in the 1st quarter worth approximately $25,000. MorganRosel Wealth Management LLC purchased a new position in Kellanova in the 1st quarter worth approximately $27,000. EQ Wealth Advisors LLC purchased a new position in Kellanova in the 1st quarter worth approximately $49,000. Finally, Dagco Inc. purchased a new position in Kellanova in the 1st quarter worth approximately $49,000. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the sale, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. The trade was a 0.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 687,514 shares of company stock worth $54,869,342. Insiders own 1.80% of the company’s stock.

Kellanova Trading Down 0.0%

Shares of K stock opened at $82.85 on Friday. Kellanova has a 1 year low of $76.48 and a 1 year high of $83.22. The firm has a fifty day moving average price of $79.95 and a 200-day moving average price of $80.80. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The company has a market cap of $28.80 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 5.16 and a beta of 0.24.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.05). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the firm earned $1.01 EPS. The company’s revenue was up .3% on a year-over-year basis. As a group, equities analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.8%. 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 payout ratio is presently 60.89%.

Analyst Upgrades and Downgrades

K has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a research note on Wednesday, August 20th. They set a “neutral” rating and a $83.50 target price for the company. Wall Street Zen lowered shares of Kellanova from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Finally, Weiss Ratings upgraded shares of Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $83.38.

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.