Private Advisor Group LLC Cuts Position in Kellanova (NYSE:K)

Private Advisor Group LLC lowered its stake in shares of Kellanova (NYSE:K) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,675 shares of the company’s stock after selling 822 shares during the period. Private Advisor Group LLC’s holdings in Kellanova were worth $1,250,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in K. Norges Bank purchased a new stake in shares of Kellanova during the 4th quarter worth approximately $150,184,000. Vanguard Group Inc. grew its holdings in Kellanova by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares during the last quarter. Boston Partners increased its position in shares of Kellanova by 117.1% in the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock valued at $73,221,000 after buying an additional 689,395 shares in the last quarter. Beutel Goodman & Co Ltd. raised its stake in shares of Kellanova by 15.5% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after buying an additional 655,686 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in shares of Kellanova in the 4th quarter worth about $35,372,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $57.71, for a total value of $4,489,838.00. Following the completion of the sale, the insider now directly owns 51,297,638 shares in the company, valued at approximately $2,960,386,688.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the transaction, the insider now directly owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Friday, June 21st. The stock was sold at an average price of $57.71, for a total transaction of $4,489,838.00. Following the sale, the insider now directly owns 51,297,638 shares in the company, valued at approximately $2,960,386,688.98. The disclosure for this sale can be found here. Insiders have sold a total of 892,583 shares of company stock valued at $60,355,010 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on K shares. Stifel Nicolaus lifted their target price on shares of Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their price objective on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Evercore ISI upgraded Kellanova to a “hold” rating in a report on Friday, August 2nd. StockNews.com initiated coverage on Kellanova in a report on Monday, September 9th. They issued a “hold” rating for the company. Finally, DA Davidson lowered Kellanova from a “buy” rating to a “neutral” rating and increased their price objective for the company from $80.00 to $83.50 in a research note on Monday, August 26th. Fourteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $74.32.

Kellanova Stock Up 0.5 %

Shares of NYSE K opened at $80.68 on Friday. The stock has a market capitalization of $27.62 billion, a PE ratio of 30.22, a P/E/G ratio of 2.57 and a beta of 0.39. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The firm has a fifty day moving average of $69.97 and a 200-day moving average of $62.10. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 earnings per share. On average, analysts anticipate that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were issued a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 annualized dividend and a yield of 2.83%. Kellanova’s dividend payout ratio (DPR) is presently 85.39%.

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.