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 dated Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the transaction, the insider now directly owns 50,830,838 shares of the company’s stock, valued at approximately $3,761,990,320.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Kellanova Trading Down 0.5 %

Kellanova stock traded down $0.39 during midday trading on Wednesday, hitting $72.96. 4,821,069 shares of the stock were exchanged, compared to its average volume of 2,943,050. Kellanova has a 52 week low of $47.63 and a 52 week high of $75.40. The stock has a market capitalization of $24.94 billion, a PE ratio of 27.46, a P/E/G ratio of 2.22 and a beta of 0.34. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The company has a fifty day simple moving average of $58.77 and a two-hundred day simple moving average of $57.53.

Kellanova (NYSE:K) last posted its 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 firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. Equities research analysts anticipate that Kellanova will post 3.68 EPS for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.13%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s dividend payout ratio (DPR) is presently 85.39%.

Wall Street Analyst Weigh In

Several research firms have commented on K. Evercore ISI raised Kellanova to a “hold” rating in a report on Friday, August 2nd. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price objective for the company in a report on Monday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Kellanova from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. TD Cowen boosted their price target on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. increased their price objective on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Eleven 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, Kellanova currently has a consensus rating of “Hold” and an average price target of $66.93.

Hedge Funds Weigh In On Kellanova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in shares of Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after purchasing an additional 170 shares during the last quarter. Bfsg LLC raised its stake in shares of Kellanova by 64.5% during the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after purchasing an additional 200 shares in the last quarter. Family Firm Inc. acquired a new stake in shares of Kellanova in the 2nd quarter valued at approximately $29,000. BNP Paribas bought a new position in shares of Kellanova in the first quarter valued at $30,000. Finally, Motco increased its holdings in Kellanova by 757.6% during the fourth quarter. Motco now owns 566 shares of the company’s stock worth $32,000 after buying an additional 500 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

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.