iA Global Asset Management Inc. Sells 825 Shares of Kellanova (NYSE:K)

iA Global Asset Management Inc. cut its holdings in shares of Kellanova (NYSE:K) by 16.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,336 shares of the company’s stock after selling 825 shares during the period. iA Global Asset Management Inc.’s holdings in Kellanova were worth $248,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Kellanova by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after buying an additional 1,130,582 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Kellanova by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,657,709 shares of the company’s stock worth $316,323,000 after purchasing an additional 98,294 shares in the last quarter. Beutel Goodman & Co Ltd. raised its holdings in Kellanova by 15.5% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after purchasing an additional 655,686 shares in the last quarter. Norges Bank bought a new position in Kellanova in the fourth quarter worth $150,184,000. Finally, Dimensional Fund Advisors LP raised its holdings in Kellanova by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock worth $124,893,000 after purchasing an additional 9,726 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on K shares. Barclays decreased their price objective on Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Deutsche Bank Aktiengesellschaft raised their price target on Kellanova from $60.00 to $62.00 and gave the company a “hold” rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. DA Davidson raised their price target on Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, Piper Sandler raised their price target on Kellanova from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Friday. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Kellanova has an average rating of “Hold” and an average price target of $62.43.

Insider Activity

In other news, SVP Nicolas Amaya sold 9,800 shares of Kellanova stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total transaction of $4,847,718.00. Following the transaction, the insider now directly owns 51,686,638 shares of the company’s stock, valued at approximately $3,220,594,413.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Nicolas Amaya sold 9,800 shares of Kellanova stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the sale, the senior vice president now directly owns 26,191 shares in the company, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. Insiders have sold a total of 865,600 shares of company stock valued at $50,837,176 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Performance

NYSE:K traded up $0.45 on Friday, hitting $62.50. The stock had a trading volume of 2,638,563 shares, compared to its average volume of 2,792,417. The stock has a market cap of $21.37 billion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 2.12 and a beta of 0.34. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. The business’s 50-day simple moving average is $58.21 and its two-hundred day simple moving average is $57.17. Kellanova has a 52-week low of $47.63 and a 52-week high of $67.79.

Kellanova (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period last year, the firm posted $1.25 earnings per share. As a group, research analysts predict that Kellanova will post 3.61 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently disclosed 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 is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s payout ratio is presently 83.90%.

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.