Farther Finance Advisors LLC Trims Stock Position in Kellanova (NYSE:K)

Farther Finance Advisors LLC reduced its stake in shares of Kellanova (NYSE:K) by 14.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,307 shares of the company’s stock after selling 1,605 shares during the quarter. Farther Finance Advisors LLC’s holdings in Kellanova were worth $751,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after buying an additional 170 shares during the period. Family Firm Inc. purchased a new stake in shares of Kellanova in the 2nd quarter worth about $29,000. CVA Family Office LLC grew its position in shares of Kellanova by 529.3% in the 3rd quarter. CVA Family Office LLC now owns 365 shares of the company’s stock worth $29,000 after buying an additional 307 shares during the period. Newbridge Financial Services Group Inc. grew its position in Kellanova by 61.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. Finally, MCF Advisors LLC grew its position in Kellanova by 48.8% during the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock valued at $34,000 after purchasing an additional 137 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Kellanova Price Performance

Shares of NYSE:K opened at $80.86 on Wednesday. The firm’s 50 day moving average price is $80.64 and its 200-day moving average price is $68.70. Kellanova has a twelve month low of $50.81 and a twelve month high of $81.26. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $27.87 billion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 2.56 and a beta of 0.39.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share 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 firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the business earned $1.03 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts expect that Kellanova will post 3.74 EPS for the current year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.82%. The ex-dividend date is Monday, December 2nd. Kellanova’s dividend payout ratio is 78.35%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $80.76, for a total value of $9,253,723.08. Following the completion of the sale, the insider now directly owns 49,680,774 shares of the company’s stock, valued at approximately $4,012,219,308.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $80.05, for a total transaction of $6,227,890.00. Following the completion of the sale, the insider now directly owns 50,753,038 shares of the company’s stock, valued at $4,062,780,691.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $80.76, for a total transaction of $9,253,723.08. Following the sale, the insider now directly owns 49,680,774 shares of the company’s stock, valued at approximately $4,012,219,308.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,150,064 shares of company stock valued at $92,680,265. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Evercore ISI raised shares of Kellanova to a “hold” rating in a research report on Friday, August 2nd. Wells Fargo & Company increased their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Piper Sandler increased their price objective 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. Stifel Nicolaus increased their price objective on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada cut shares of Kellanova from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $76.00 to $83.50 in a research note on Thursday, August 15th. Sixteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Kellanova has an average rating of “Hold” and a consensus target price of $74.96.

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.