Kellogg W. K. Foundation Trust Sells 114,583 Shares of Kellanova (NYSE:K) Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.96, for a total value of $9,276,639.68. Following the transaction, the insider now directly owns 49,795,357 shares in the company, valued at $4,031,432,102.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Kellanova Trading Up 0.2 %

K stock opened at $81.19 on Tuesday. Kellanova has a 52 week low of $49.28 and a 52 week high of $81.26. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73. The company’s 50-day simple moving average is $80.31 and its 200 day simple moving average is $66.82. The company has a market capitalization of $27.76 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39.

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

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Tuesday, September 3rd. Kellanova’s dividend payout ratio is 85.39%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Eastern Bank bought a new stake in shares of Kellanova during the 3rd quarter worth approximately $428,000. Foundations Investment Advisors LLC bought a new stake in Kellanova during the third quarter worth $488,000. Northwest Investment Counselors LLC acquired a new stake in shares of Kellanova in the 3rd quarter valued at $218,000. Chicago Capital LLC bought a new position in shares of Kellanova in the 3rd quarter valued at $207,000. Finally, Stratos Wealth Advisors LLC acquired a new position in shares of Kellanova during the 3rd quarter worth $204,000. Institutional investors own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a research note on Friday, August 2nd. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and raised their target price for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. Barclays boosted their price target on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Finally, DA Davidson downgraded Kellanova from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $80.00 to $83.50 in a research note on Monday, August 26th. Fifteen analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.32.

About Kellanova

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.