Kellanova (NYSE:K) Major Shareholder Sells $9,231,952.31 in Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $80.57, for a total value of $9,231,952.31. Following the completion of the sale, the insider now directly owns 50,024,523 shares of the company’s stock, valued at approximately $4,030,475,818.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Kellanova Stock Down 0.1 %

K stock opened at $80.57 on Wednesday. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $81.00. The company has a market capitalization of $27.54 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The business’s 50 day moving average price is $77.48 and its two-hundred day moving average price is $65.11. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.11. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 earnings per share. As a group, analysts forecast that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were given a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. Kellanova’s payout ratio is 85.39%.

Institutional Trading of Kellanova

Institutional investors have recently made changes to their positions in the stock. CWM LLC boosted its stake in shares of Kellanova by 20.8% in the 3rd quarter. CWM LLC now owns 12,426 shares of the company’s stock worth $1,003,000 after buying an additional 2,140 shares during the last quarter. Atomi Financial Group Inc. bought a new position in Kellanova in the third quarter valued at about $257,000. Mather Group LLC. boosted its position in Kellanova by 71.3% in the third quarter. Mather Group LLC. now owns 615 shares of the company’s stock worth $50,000 after purchasing an additional 256 shares during the last quarter. New England Research & Management Inc. bought a new stake in shares of Kellanova during the 3rd quarter valued at about $267,000. Finally, GAMMA Investing LLC increased its position in shares of Kellanova by 6.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,077 shares of the company’s stock valued at $490,000 after purchasing an additional 379 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on K. Barclays lifted their price target on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. StockNews.com initiated coverage on shares of Kellanova in a report on Thursday, October 3rd. They set a “hold” rating for the company. Royal Bank of Canada lowered shares of Kellanova from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. Finally, DA Davidson lowered shares of Kellanova from a “buy” rating to a “neutral” rating and increased their target price for the stock from $80.00 to $83.50 in a report on Monday, August 26th. Fifteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $74.32.

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.