Choreo LLC Grows Position in Kellanova (NYSE:K)

Choreo LLC increased its position in shares of Kellanova (NYSE:K) by 101.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,966 shares of the company’s stock after purchasing an additional 4,007 shares during the period. Choreo LLC’s holdings in Kellanova were worth $453,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in shares of Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. Family Firm Inc. purchased a new position in shares of Kellanova during the 2nd quarter worth about $29,000. BNP Paribas purchased a new position in shares of Kellanova during the 1st quarter worth about $30,000. Motco boosted its stake in shares of Kellanova by 757.6% during 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. Finally, Ridgewood Investments LLC bought a new stake in Kellanova during the 2nd quarter valued at about $39,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on K. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $62.00 to $70.00 in a report on Friday, August 2nd. DA Davidson lowered shares of Kellanova from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $83.50 in a report on Monday, August 26th. Piper Sandler lifted their price objective on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Barclays lifted their price objective on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, Royal Bank of Canada lowered shares of Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Fourteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $74.32.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the sale, the insider now owns 50,482,855 shares of the company’s stock, valued at approximately $4,051,249,113.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the completion of the transaction, the insider now owns 50,482,855 shares of the company’s stock, valued at $4,051,249,113.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $57.64, for a total value of $4,484,392.00. Following the transaction, the insider now owns 51,219,838 shares of the company’s stock, valued at approximately $2,952,311,462.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 892,583 shares of company stock valued at $60,355,010. Insiders own 1.80% of the company’s stock.

Kellanova Trading Up 0.5 %

NYSE K opened at $80.68 on Monday. 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 market cap of $27.58 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 2.57 and a beta of 0.39. The company has a 50 day moving average price of $69.97 and a 200 day moving average price of $62.14. Kellanova has a 52 week low of $47.63 and a 52 week high of $80.97.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. Kellanova’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.25 EPS. As a group, sell-side analysts forecast that Kellanova will post 3.7 EPS for the current fiscal year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 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.