Kellanova (NYSE:K) Major Shareholder Kellogg W. K. Foundation Trust Sells 77,800 Shares

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the transaction, the insider now owns 51,764,438 shares of the company’s stock, valued at approximately $3,153,489,562.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Kellanova Price Performance

K opened at $61.60 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The company’s 50 day simple moving average is $56.54 and its 200-day simple moving average is $54.85. Kellanova has a one year low of $47.63 and a one year high of $71.19. The stock has a market capitalization of $21.06 billion, a P/E ratio of 23.07, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39.

Kellanova (NYSE:K) last released its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the firm earned $1.10 EPS. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. Sell-side analysts anticipate that Kellanova will post 3.58 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.64%. Kellanova’s payout ratio is presently 83.90%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of K. Oakworth Capital Inc. increased its holdings in Kellanova by 491.3% in the third quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock valued at $28,000 after purchasing an additional 393 shares during the last quarter. Baker Avenue Asset Management LP increased its stake in shares of Kellanova by 205.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock valued at $30,000 after acquiring an additional 341 shares during the last quarter. Bfsg LLC raised its position in shares of Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after acquiring an additional 200 shares during the period. BNP Paribas bought a new position in Kellanova during the 1st quarter worth approximately $30,000. Finally, Motco grew its holdings in Kellanova by 757.6% during the fourth quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares during the period. Institutional investors own 83.87% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on K. Piper Sandler increased their target price on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. Barclays lifted their price objective on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday. Wells Fargo & Company upped their target price on shares of Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a report on Friday, February 9th. DA Davidson lifted their price target on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $61.85.

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.