Bristlecone Advisors LLC Trims Stock Holdings in Kellanova $K

Bristlecone Advisors LLC reduced its stake in Kellanova (NYSE:K) by 73.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,162 shares of the company’s stock after selling 31,124 shares during the period. Bristlecone Advisors LLC’s holdings in Kellanova were worth $888,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Counselors Inc. purchased a new stake in Kellanova during the first quarter worth about $522,000. IFM Investors Pty Ltd increased its stake in Kellanova by 11.6% during the first quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company’s stock worth $4,620,000 after purchasing an additional 5,957 shares during the period. Syquant Capital Sas increased its stake in Kellanova by 123.6% during the second quarter. Syquant Capital Sas now owns 1,143,568 shares of the company’s stock worth $90,948,000 after purchasing an additional 632,168 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Kellanova by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company’s stock worth $2,771,000 after purchasing an additional 3,747 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in Kellanova by 6.8% during the second quarter. Public Employees Retirement System of Ohio now owns 86,258 shares of the company’s stock worth $6,860,000 after purchasing an additional 5,524 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Stock Performance

Shares of Kellanova stock opened at $83.03 on Thursday. Kellanova has a one year low of $76.48 and a one year high of $83.22. The company has a market cap of $28.87 billion, a PE ratio of 21.79, a P/E/G ratio of 5.16 and a beta of 0.24. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The business has a 50-day simple moving average of $80.72 and a 200-day simple moving average of $80.85.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.01 earnings per share. On average, equities research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. Kellanova’s dividend payout ratio is 60.89%.

Analysts Set New Price Targets

A number of analysts have issued reports on K shares. Weiss Ratings lowered shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. JPMorgan Chase & Co. began coverage on Kellanova in a research report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective for the company. Finally, Wall Street Zen downgraded Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $83.38.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the transaction, the insider directly owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 343,765 shares of company stock valued at $27,455,360 over the last three months. Corporate insiders own 1.80% of the company’s stock.

Kellanova Company 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.