HM Payson & Co. Sells 1,040 Shares of Kellanova (NYSE:K)

HM Payson & Co. reduced its holdings in shares of Kellanova (NYSE:K) by 22.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,694 shares of the company’s stock after selling 1,040 shares during the period. HM Payson & Co.’s holdings in Kellanova were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Zhang Financial LLC increased its stake in shares of Kellanova by 0.8% in the first quarter. Zhang Financial LLC now owns 21,318 shares of the company’s stock worth $1,221,000 after purchasing an additional 176 shares in the last quarter. Bfsg LLC grew its stake in Kellanova by 64.5% during the first quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after acquiring an additional 200 shares in the last quarter. Financial Advisors Network Inc. grew its stake in Kellanova by 4.2% during the fourth quarter. Financial Advisors Network Inc. now owns 5,040 shares of the company’s stock valued at $282,000 after acquiring an additional 204 shares in the last quarter. Blue Trust Inc. lifted its position in Kellanova by 55.1% during the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after purchasing an additional 206 shares during the last quarter. Finally, Czech National Bank lifted its position in Kellanova by 0.5% during the first quarter. Czech National Bank now owns 46,405 shares of the company’s stock valued at $2,659,000 after purchasing an additional 213 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on K shares. JPMorgan Chase & Co. lifted their price objective on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $62.00 to $70.00 in a report on Friday. TD Cowen raised their target price on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Piper Sandler raised their target price on shares of Kellanova from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday. Finally, BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price on the stock in a research report on Monday. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Kellanova presently has an average rating of “Hold” and a consensus price target of $65.14.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the sale, the insider now owns 51,764,438 shares of the company’s stock, valued at $3,153,489,562.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 855,800 shares of company stock worth $50,248,686 over the last 90 days. 1.80% of the stock is owned by insiders.

Kellanova Trading Up 13.2 %

NYSE K traded up $8.31 during trading hours on Monday, reaching $71.29. The company had a trading volume of 9,228,539 shares, compared to its average volume of 2,849,653. The stock has a 50-day moving average of $58.25 and a 200 day moving average of $57.26. Kellanova has a 1-year low of $47.63 and a 1-year high of $75.23. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $24.37 billion, a P/E ratio of 27.33, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 earnings per share. As a group, research analysts anticipate that Kellanova will post 3.68 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a $0.57 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 3.20%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 85.39%.

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.