New England Research & Management Inc. Reduces Position in Kellanova (NYSE:K)

New England Research & Management Inc. cut its position in shares of Kellanova (NYSE:K) by 38.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,335 shares of the company’s stock after selling 8,500 shares during the period. New England Research & Management Inc.’s holdings in Kellanova were worth $764,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Naples Global Advisors LLC boosted its position in Kellanova by 1.7% in the 4th quarter. Naples Global Advisors LLC now owns 11,696 shares of the company’s stock valued at $654,000 after buying an additional 200 shares during the period. Financial Advisors Network Inc. lifted its position in shares of Kellanova by 4.2% in the 4th quarter. Financial Advisors Network Inc. now owns 5,040 shares of the company’s stock worth $282,000 after purchasing an additional 204 shares during the period. Blue Trust Inc. lifted its position in shares of Kellanova by 55.1% in the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after purchasing an additional 206 shares during the period. Czech National Bank lifted its position in shares of Kellanova by 0.5% in the 1st quarter. Czech National Bank now owns 46,405 shares of the company’s stock worth $2,659,000 after purchasing an additional 213 shares during the period. Finally, Kennedy Investment Group lifted its position in shares of Kellanova by 1.2% in the 4th quarter. Kennedy Investment Group now owns 18,520 shares of the company’s stock worth $1,035,000 after purchasing an additional 218 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $55.35, for a total transaction of $4,306,230.00. Following the completion of the sale, the insider now directly owns 51,997,838 shares in the company, valued at $2,878,080,333.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $55.35, for a total transaction of $4,306,230.00. Following the completion of the sale, the insider now directly owns 51,997,838 shares in the company, valued at $2,878,080,333.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the sale, the senior vice president now owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 865,600 shares of company stock worth $50,941,428. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

K has been the subject of several recent analyst reports. DA Davidson boosted their price objective on shares of Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Barclays boosted their price objective on shares of Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. JPMorgan Chase & Co. boosted 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. Finally, TD Cowen boosted their price objective on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Kellanova has a consensus rating of “Hold” and an average target price of $61.83.

Kellanova Stock Performance

K opened at $57.68 on Friday. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. The company has a market cap of $19.72 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 2.05 and a beta of 0.35. Kellanova has a 52-week low of $47.63 and a 52-week high of $68.69. The firm’s fifty day simple moving average is $59.71 and its two-hundred day simple moving average is $56.83.

Kellanova (NYSE:K) last issued its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.10 earnings per share. Equities analysts anticipate that Kellanova will post 3.62 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Monday, June 3rd were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is 83.90%.

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.