Zhang Financial LLC Sells 1,129 Shares of Kellanova (NYSE:K)

Zhang Financial LLC lessened its stake in Kellanova (NYSE:K) by 5.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 20,189 shares of the company’s stock after selling 1,129 shares during the quarter. Zhang Financial LLC’s holdings in Kellanova were worth $1,164,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Intech Investment Management LLC lifted its holdings in Kellanova by 10.1% during the 4th quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock valued at $14,754,000 after purchasing an additional 24,124 shares during the last quarter. Jump Financial LLC bought a new position in shares of Kellanova in the fourth quarter worth $8,178,000. International Assets Investment Management LLC increased its position in shares of Kellanova by 133.4% in the fourth quarter. International Assets Investment Management LLC now owns 60,885 shares of the company’s stock worth $3,404,000 after purchasing an additional 34,800 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Kellanova by 4.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after acquiring an additional 10,676 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Kellanova by 498.7% in the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock valued at $15,049,000 after acquiring an additional 217,320 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their target price on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Wells Fargo & Company lifted their price objective on Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday. Piper Sandler boosted their price target on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday. Finally, BNP Paribas raised Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target on the stock in a research note on Monday, August 5th. Thirteen research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Kellanova has an average rating of “Hold” and an average target price of $73.57.

Kellanova Stock Performance

NYSE:K remained flat at $80.29 during trading on Monday. The company’s stock had a trading volume of 2,884,852 shares, compared to its average volume of 3,299,420. The company has a market capitalization of $27.45 billion, a price-to-earnings ratio of 30.08, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.41 and a current ratio of 0.73. The company has a 50 day simple moving average of $61.42 and a 200 day simple moving average of $58.77. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.46.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. Equities research analysts forecast that Kellanova will post 3.68 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Tuesday, September 3rd. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is currently 85.39%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $62.01, for a total transaction of $4,824,378.00. Following the transaction, the insider now owns 51,608,838 shares of the company’s stock, valued at approximately $3,200,264,044.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 855,800 shares of company stock valued at $52,647,260 in the last 90 days. Insiders own 1.80% of the company’s stock.

Kellanova 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.