Zurcher Kantonalbank Zurich Cantonalbank Lowers Position in Kellanova (NYSE:K)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of Kellanova (NYSE:K) by 50.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 176,819 shares of the company’s stock after selling 183,383 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.05% of Kellanova worth $10,199,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of K. Blue Trust Inc. lifted its position in shares of Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after buying an additional 170 shares in the last quarter. Bfsg LLC lifted its holdings in Kellanova by 64.5% during the first quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares during the period. Family Firm Inc. purchased a new position in Kellanova in the second quarter worth $29,000. BNP Paribas bought a new position in Kellanova in the 1st quarter valued at $30,000. Finally, Motco increased its position in shares of Kellanova by 757.6% during the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 83.87% of the company’s stock.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $57.89, for a total transaction of $4,503,842.00. Following the completion of the sale, the insider now owns 51,375,438 shares of the company’s stock, valued at $2,974,124,105.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 855,800 shares of company stock worth $55,663,566 in the last ninety days. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on K. Wells Fargo & Company increased their target price on shares of Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. TD Cowen increased their price objective on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a report on Friday, May 3rd. The Goldman Sachs Group initiated coverage on Kellanova in a research note on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price on the stock. BNP Paribas upgraded Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a research note on Monday, August 5th. Finally, Royal Bank of Canada cut Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price objective for the company from $76.00 to $83.50 in a research note on Thursday, August 15th. Fourteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.32.

Kellanova Price Performance

NYSE:K traded down $0.09 during midday trading on Thursday, hitting $80.53. The company had a trading volume of 3,444,161 shares, compared to its average volume of 3,330,625. The company has a market capitalization of $27.53 billion, a PE ratio of 30.16, 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. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97. The stock’s fifty day moving average price is $64.92 and its 200-day moving average price is $60.20.

Kellanova (NYSE:K) last released its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the company posted $1.25 EPS. Kellanova’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, research analysts expect that Kellanova will post 3.68 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be paid a $0.57 dividend. 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 payout ratio is 85.39%.

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.