The Manufacturers Life Insurance Company Sells 15,271 Shares of Kellanova (NYSE:K)

The Manufacturers Life Insurance Company lessened its holdings in shares of Kellanova (NYSE:K) by 6.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 212,347 shares of the company’s stock after selling 15,271 shares during the period. The Manufacturers Life Insurance Company’s holdings in Kellanova were worth $17,139,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. 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 valued at $27,000 after buying an additional 170 shares during the period. Family Firm Inc. bought a new stake in shares of Kellanova during the 2nd quarter valued at $29,000. CVA Family Office LLC raised its position in shares of Kellanova by 529.3% during the 3rd quarter. CVA Family Office LLC now owns 365 shares of the company’s stock valued at $29,000 after acquiring an additional 307 shares during the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Kellanova by 61.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock worth $30,000 after purchasing an additional 200 shares during the period. Finally, MCF Advisors LLC grew its stake in shares of Kellanova by 48.8% during the third quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after purchasing an additional 137 shares during the period. Institutional investors own 83.87% of the company’s stock.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $81.21, for a total transaction of $9,305,285.43. Following the sale, the insider now owns 49,222,442 shares in the company, valued at approximately $3,997,354,514.82. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 1,145,830 shares of company stock valued at $92,516,606. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

K has been the topic of a number of recent analyst reports. BNP Paribas cut Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 target price on the stock. in a report on Friday, November 1st. Wells Fargo & Company lifted their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. DA Davidson downgraded shares of Kellanova from a “buy” rating to a “neutral” rating and upped their target price for the company from $80.00 to $83.50 in a research note on Monday, August 26th. Stifel Nicolaus lifted their price target 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. Finally, The Goldman Sachs Group initiated coverage on shares of Kellanova in a research report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price objective for the company. Fifteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $76.35.

Kellanova Price Performance

K stock opened at $81.29 on Monday. The stock has a market cap of $28.02 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.39. The stock has a 50-day moving average price of $80.82 and a two-hundred day moving average price of $71.39. Kellanova has a 1 year low of $51.02 and a 1 year high of $81.34. 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 posted its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. Kellanova’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the company earned $1.03 earnings per share. Equities analysts forecast that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.80%. The ex-dividend date is Monday, December 2nd. Kellanova’s payout ratio is 78.35%.

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.