Synovus Financial Corp Reduces Position in Kellanova (NYSE:K)

Synovus Financial Corp reduced its position in shares of Kellanova (NYSE:K) by 31.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,305 shares of the company’s stock after selling 1,980 shares during the period. Synovus Financial Corp’s holdings in Kellanova were worth $349,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Independent Advisor Alliance lifted its position in shares of Kellanova by 16.5% during the 4th quarter. Independent Advisor Alliance now owns 7,203 shares of the company’s stock worth $583,000 after buying an additional 1,019 shares during the last quarter. Aviva PLC boosted its stake in Kellanova by 2.6% in the fourth quarter. Aviva PLC now owns 542,709 shares of the company’s stock valued at $43,943,000 after acquiring an additional 13,531 shares in the last quarter. Wedmont Private Capital acquired a new position in Kellanova in the fourth quarter valued at $384,000. Barclays PLC grew its holdings in shares of Kellanova by 134.7% during the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after purchasing an additional 1,033,383 shares during the last quarter. Finally, Alpine Associates Management Inc. increased its position in shares of Kellanova by 93.5% during the fourth quarter. Alpine Associates Management Inc. now owns 612,850 shares of the company’s stock worth $49,622,000 after purchasing an additional 296,150 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

K has been the subject of a number of research analyst reports. StockNews.com started coverage on Kellanova in a research report on Sunday, April 13th. They issued a “hold” rating for the company. Royal Bank of Canada lowered shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Fourteen analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $77.96.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $81.91, for a total transaction of $9,385,493.53. Following the sale, the insider now owns 48,305,778 shares of the company’s stock, valued at $3,956,726,275.98. The trade was a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 1,260,413 shares of company stock worth $103,672,407. 1.80% of the stock is owned by corporate insiders.

Kellanova Stock Up 0.1 %

Shares of NYSE:K opened at $82.37 on Friday. Kellanova has a fifty-two week low of $55.96 and a fifty-two week high of $83.22. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. The firm’s 50-day simple moving average is $82.35 and its 200-day simple moving average is $81.50. The company has a market cap of $28.43 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 4.21 and a beta of 0.34.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. As a group, equities research analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date was Monday, March 3rd. Kellanova’s dividend payout ratio is presently 58.91%.

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.