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

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in shares of Kellanova (NYSE:K) by 4.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 293,166 shares of the company’s stock after selling 12,085 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kellanova were worth $16,391,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Oakworth Capital Inc. increased its holdings in Kellanova by 491.3% in the 3rd quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock worth $28,000 after acquiring an additional 393 shares in the last quarter. Norwood Financial Corp increased its holdings in Kellanova by 81.8% in the 3rd quarter. Norwood Financial Corp now owns 500 shares of the company’s stock worth $30,000 after acquiring an additional 225 shares in the last quarter. Baker Avenue Asset Management LP boosted its stake in Kellanova by 205.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock worth $30,000 after purchasing an additional 341 shares during the period. Cowa LLC bought a new position in Kellanova in the 1st quarter worth approximately $33,000. Finally, Blue Trust Inc. boosted its stake in Kellanova by 55.1% in the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after purchasing an additional 206 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

Shares of Kellanova stock opened at $56.54 on Friday. The firm has a market cap of $19.32 billion, a P/E ratio of 20.56, a P/E/G ratio of 2.10 and a beta of 0.40. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51. Kellanova has a 12 month low of $47.63 and a 12 month high of $72.30. The stock’s fifty day moving average price is $55.54 and its 200-day moving average price is $54.00.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.74 by $0.04. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.07 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. On average, equities research analysts expect that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date was Thursday, February 29th. Kellanova’s payout ratio is currently 81.45%.

Analyst Upgrades and Downgrades

K has been the subject of several recent analyst reports. Piper Sandler upped their price target on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. JPMorgan Chase & Co. increased their price target on Kellanova from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, February 9th. DA Davidson started coverage on Kellanova in a report on Friday, March 1st. They set a “buy” rating and a $67.00 price target on the stock. Citigroup started coverage on Kellanova in a report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target on the stock. Finally, Wells Fargo & Company increased their price target on Kellanova from $56.00 to $58.00 and gave the company an “equal weight” rating in a report on Friday, February 9th. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Kellanova presently has an average rating of “Hold” and a consensus target price of $62.27.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.68, for a total transaction of $4,254,104.00. Following the sale, the insider now owns 52,775,838 shares of the company’s stock, valued at $2,885,782,821.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 933,600 shares of company stock valued at $51,308,322 over the last quarter. 1.80% of the stock is owned by corporate insiders.

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.