Sumitomo Mitsui DS Asset Management Company Ltd Reduces Stock Position in Kellanova (NYSE:K)

Sumitomo Mitsui DS Asset Management Company Ltd lowered its stake in shares of Kellanova (NYSE:K) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,627 shares of the company’s stock after selling 209 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Kellanova were worth $1,712,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in K. Oakworth Capital Inc. raised its position in shares of Kellanova by 491.3% in the third quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock worth $28,000 after buying an additional 393 shares in the last quarter. Baker Avenue Asset Management LP raised its position in shares of Kellanova by 205.4% in the third quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock worth $30,000 after buying an additional 341 shares in the last quarter. Blue Trust Inc. raised its position in shares of Kellanova by 55.1% in the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after buying an additional 206 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of Kellanova by 95.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,170 shares of the company’s stock worth $70,000 after buying an additional 570 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in shares of Kellanova by 339.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,201 shares of the company’s stock worth $67,000 after buying an additional 928 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Up 1.0 %

NYSE K opened at $58.75 on Thursday. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.66 and a quick ratio of 0.41. The stock has a market capitalization of $20.08 billion, a PE ratio of 21.36, a PEG ratio of 2.23 and a beta of 0.40. Kellanova has a 1 year low of $47.63 and a 1 year high of $72.30. The business’s 50-day moving average is $55.85 and its 200 day moving average is $54.19.

Kellanova (NYSE:K) last posted its earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.04. The company had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.07 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. Kellanova’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. Sell-side analysts forecast that Kellanova will post 3.57 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.56 dividend. The ex-dividend date was Thursday, February 29th. This represents a $2.24 annualized dividend and a dividend yield of 3.81%. Kellanova’s payout ratio is presently 81.45%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $53.62, for a total value of $4,171,636.00. Following the completion of the sale, the insider now directly owns 52,698,038 shares in the company, valued at $2,825,668,797.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 933,600 shares of company stock worth $51,632,748 over the last three months. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. StockNews.com downgraded Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Citigroup assumed coverage on Kellanova in a research report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target on the stock. JPMorgan Chase & Co. raised their price target on Kellanova from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Barclays raised their price target on Kellanova from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. Finally, Piper Sandler raised their price target on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Kellanova has an average rating of “Hold” and a consensus target price of $62.27.

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.