Kellanova (NYSE:K) Major Shareholder Sells $9,241,118.95 in Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now directly owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Price Performance

Shares of NYSE K opened at $80.65 on Thursday. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.97. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $27.57 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 2.57 and a beta of 0.39. The firm has a 50-day moving average of $71.43 and a two-hundred day moving average of $62.68.

Kellanova (NYSE:K) last posted its quarterly earnings data 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 firm had revenue of $3.19 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.25 EPS. As a group, analysts expect that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.83%. The ex-dividend date was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is presently 85.39%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on K. StockNews.com began coverage on shares of Kellanova in a report on Tuesday. They set a “hold” rating for the company. The Goldman Sachs Group began coverage on shares of Kellanova in a report on Monday, August 12th. They set a “neutral” rating and a $75.00 price target for the company. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and boosted their price target for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Fourteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Kellanova currently has a consensus rating of “Hold” and an average price target of $74.32.

Institutional Trading of Kellanova

Several institutional investors and hedge funds have recently bought and sold shares of K. Newbridge Financial Services Group Inc. increased its holdings in shares of Kellanova by 61.9% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Kellanova in the 2nd quarter valued at about $482,000. Clearbridge Investments LLC increased its holdings in shares of Kellanova by 0.3% in the 2nd quarter. Clearbridge Investments LLC now owns 653,693 shares of the company’s stock valued at $37,705,000 after purchasing an additional 1,857 shares during the period. SPC Financial Inc. increased its holdings in shares of Kellanova by 6.8% in the 2nd quarter. SPC Financial Inc. now owns 9,455 shares of the company’s stock valued at $545,000 after purchasing an additional 605 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its holdings in shares of Kellanova by 1.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 9,810 shares of the company’s stock valued at $566,000 after purchasing an additional 180 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

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.