Tobam Sells 210,719 Shares of Kellanova (NYSE:K)

Tobam lessened its holdings in Kellanova (NYSE:K) by 48.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 226,763 shares of the company’s stock after selling 210,719 shares during the quarter. Kellanova makes up 2.1% of Tobam’s holdings, making the stock its 13th largest holding. Tobam owned about 0.07% of Kellanova worth $13,080,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. lifted its holdings 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. Bfsg LLC grew its holdings in Kellanova by 64.5% during the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares in the last quarter. Family Firm Inc. purchased a new position in Kellanova during the 2nd quarter valued at about $29,000. BNP Paribas bought a new stake in shares of Kellanova in the 1st quarter valued at about $30,000. Finally, Motco lifted its position in shares of Kellanova by 757.6% in the 4th quarter. Motco now owns 566 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

K has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price target on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Barclays raised their target price on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. StockNews.com began coverage on Kellanova in a research report on Saturday, August 24th. They set a “hold” rating on the stock. Finally, Piper Sandler boosted their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Fourteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $74.32.

Kellanova Stock Performance

Shares of K stock opened at $80.53 on Friday. The stock has a market cap of $27.53 billion, a PE ratio of 30.16, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97. The business has a 50-day simple moving average of $64.92 and a 200-day simple moving average of $60.20. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The company’s revenue was down 4.7% compared to the same quarter last year. On average, equities analysts expect that Kellanova will post 3.68 EPS for the current year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.83%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. Kellanova’s payout ratio is presently 85.39%.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the sale, the insider now directly owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 855,800 shares of company stock valued at $55,663,566 over the last quarter. 1.80% of the stock is currently owned by insiders.

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.