Kellanova (NYSE:K) Stake Reduced by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its stake in Kellanova (NYSE:K) by 3.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 76,192 shares of the company’s stock after selling 2,809 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Kellanova were worth $6,149,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. boosted its position in shares of Kellanova by 26.2% during the third quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after buying an additional 131 shares during the period. MCF Advisors LLC grew its stake in shares of Kellanova by 48.8% in the third quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after purchasing an additional 137 shares in the last quarter. S.A. Mason LLC grew its stake in shares of Kellanova by 7.6% in the third quarter. S.A. Mason LLC now owns 1,987 shares of the company’s stock worth $160,000 after purchasing an additional 140 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in shares of Kellanova by 41.4% during the third quarter. Capital Advisors Ltd. LLC now owns 540 shares of the company’s stock valued at $44,000 after purchasing an additional 158 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Kellanova by 57.2% in the second 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. Institutional investors and hedge funds own 83.87% of the company’s stock.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $80.62, for a total transaction of $6,272,236.00. Following the completion of the sale, the insider now directly owns 50,597,438 shares in the company, valued at approximately $4,079,165,451.56. This trade represents a 0.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 1,109,047 shares of company stock worth $89,483,556. 1.80% of the stock is owned by corporate insiders.

Kellanova Price Performance

K stock opened at $81.17 on Friday. Kellanova has a one year low of $51.02 and a one year high of $81.34. The firm has a 50-day moving average of $80.77 and a two-hundred day moving average of $70.65. The firm has a market capitalization of $27.98 billion, a PE ratio of 27.89, a P/E/G ratio of 2.60 and a beta of 0.39. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34.

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

Kellanova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.57 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.81%. Kellanova’s dividend payout ratio is 78.35%.

Analyst Ratings Changes

K has been the topic of several research analyst reports. Bank of America raised 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. Piper Sandler boosted their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $76.00 to $83.50 in a research note on Thursday, August 15th. Evercore ISI raised Kellanova to a “hold” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Fifteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Kellanova presently has a consensus rating of “Hold” and an average target price of $76.35.

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.