Kellogg W. K. Foundation Trust Sells 77,800 Shares of Kellanova (NYSE:K) Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $80.32, for a total value of $6,248,896.00. Following the transaction, the insider now directly owns 50,675,238 shares in the company, valued at approximately $4,070,235,116.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Kellanova Stock Up 0.4 %

Shares of K stock traded up $0.30 during trading hours on Wednesday, hitting $80.60. 4,541,296 shares of the company were exchanged, compared to its average volume of 3,337,109. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.41 and a current ratio of 0.73. Kellanova has a one year low of $47.63 and a one year high of $80.60. The business’s 50-day simple moving average is $62.26 and its two-hundred day simple moving average is $59.12. The stock has a market capitalization of $27.56 billion, a price-to-earnings ratio of 30.07, a P/E/G ratio of 2.22 and a beta of 0.34.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the company posted $1.25 earnings per share. Kellanova’s revenue was down 4.7% on a year-over-year basis. Sell-side analysts predict 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 paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date is Tuesday, September 3rd. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio (DPR) is currently 85.39%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC lifted its stake in shares of Kellanova by 133.4% in the 4th quarter. International Assets Investment Management LLC now owns 60,885 shares of the company’s stock valued at $3,404,000 after purchasing an additional 34,800 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Kellanova during the 4th quarter valued at about $889,000. Daiwa Securities Group Inc. boosted its position in shares of Kellanova by 5.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 25,009 shares of the company’s stock valued at $1,398,000 after acquiring an additional 1,347 shares in the last quarter. Signaturefd LLC boosted its position in Kellanova by 26.7% in the fourth quarter. Signaturefd LLC now owns 7,183 shares of the company’s stock valued at $402,000 after buying an additional 1,515 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Kellanova by 29.0% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on K shares. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Royal Bank of Canada downgraded Kellanova from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $76.00 to $83.50 in a report on Thursday, August 15th. DA Davidson increased their price target on Kellanova from $69.00 to $73.00 and gave the company a “buy” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft increased their price target on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a report on Thursday, August 15th. Finally, Piper Sandler increased their price target on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Thirteen investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $73.57.

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.