Kellanova (NYSE:K) Major Shareholder Sells $4,739,576.00 in Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total value of $4,739,576.00. Following the completion of the sale, the insider now directly owns 51,764,438 shares in the company, valued at approximately $3,153,489,562.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more 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. Kellanova has a 1 year low of $47.63 and a 1 year high of $71.19. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. The company’s 50 day simple moving average is $56.54 and its 200 day simple moving average is $54.85. The stock has a market capitalization of $21.06 billion, a PE ratio of 23.07, a P/E/G ratio of 2.32 and a beta of 0.39.

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

Kellanova Announces Dividend

The company also recently declared 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. This represents a $2.24 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Analyst Ratings Changes

A number of equities research analysts recently commented on K shares. JPMorgan Chase & Co. increased their price objective on shares of Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. StockNews.com downgraded Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Citigroup assumed coverage on Kellanova in a research report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target for the company. DA Davidson upped their price objective on Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Barclays lifted their price objective on Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $61.85.

Hedge Funds Weigh In On Kellanova

A number of large investors have recently modified their holdings of the company. Louisiana State Employees Retirement System acquired a new position in shares of Kellanova during the 4th quarter valued at $889,000. Comerica Bank purchased a new stake in shares of Kellanova in the third quarter worth about $4,974,000. Raymond James & Associates grew its stake in shares of Kellanova by 11.9% in the fourth quarter. Raymond James & Associates now owns 400,371 shares of the company’s stock valued at $22,385,000 after buying an additional 42,656 shares in the last quarter. Soltis Investment Advisors LLC grew its stake in shares of Kellanova by 25.7% in the third quarter. Soltis Investment Advisors LLC now owns 46,127 shares of the company’s stock valued at $2,745,000 after buying an additional 9,434 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in shares of Kellanova by 29.0% during the 4th quarter. Handelsbanken Fonder AB now owns 180,783 shares of the company’s stock valued at $10,108,000 after buying an additional 40,656 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

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.