Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 77,800 Shares of Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $57.89, for a total value of $4,503,842.00. Following the completion of the sale, the insider now owns 51,375,438 shares in the company, valued at approximately $2,974,124,105.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Kellanova Stock Performance

NYSE K opened at $57.52 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $19.66 billion, a PE ratio of 21.54, a price-to-earnings-growth ratio of 2.04 and a beta of 0.35. The business’s 50-day moving average price is $59.40 and its 200 day moving average price is $56.56. Kellanova has a twelve month low of $47.63 and a twelve month high of $68.69.

Kellanova (NYSE:K) last released its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.16. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the company earned $1.10 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. On average, research analysts predict that Kellanova will post 3.62 earnings per share for the current year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.56 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.89%. Kellanova’s payout ratio is 83.90%.

Wall Street Analyst Weigh In

Several analysts have weighed in on K shares. JPMorgan Chase & Co. upped their target price on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Barclays raised their target price on shares of Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday, May 6th. DA Davidson upped their price target on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, TD Cowen raised 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. Twelve research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.85.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in K. Norges Bank acquired a new stake in shares of Kellanova in the fourth quarter worth $150,184,000. Invesco Ltd. lifted its stake in shares of Kellanova by 29.4% during the third quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock worth $296,971,000 after purchasing an additional 1,132,485 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Kellanova by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after buying an additional 1,130,582 shares in the last quarter. Anchor Capital Advisors LLC purchased a new stake in shares of Kellanova during the 4th quarter valued at about $38,939,000. Finally, Boston Partners lifted its position in Kellanova by 117.1% during the 1st quarter. Boston Partners now owns 1,278,079 shares of the company’s stock worth $73,221,000 after acquiring an additional 689,395 shares in the last quarter. Institutional investors and hedge funds own 83.87% 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.