Kellogg W. K. Foundation Trust Sells 114,583 Shares of Kellanova (NYSE:K) Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $80.72, for a total value of $9,249,139.76. Following the sale, the insider now directly owns 50,139,106 shares in the company, valued at approximately $4,047,228,636.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Kellanova Stock Performance

Shares of K stock opened at $80.65 on Wednesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The company’s fifty day moving average price is $75.61 and its two-hundred day moving average price is $64.38. The firm has a market capitalization of $27.57 billion, a P/E ratio of 30.21, a P/E/G ratio of 2.59 and a beta of 0.39. Kellanova has a 12 month low of $47.63 and a 12 month high of $81.00.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company’s revenue was down 4.7% compared to the same quarter last year. On average, research analysts anticipate that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co increased its holdings 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 buying an additional 10,676 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Kellanova by 498.7% in the 2nd 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. Banque Cantonale Vaudoise raised its position in shares of Kellanova by 35.5% during the 1st quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock valued at $4,566,000 after acquiring an additional 20,866 shares in the last quarter. M&G Plc bought a new position in Kellanova during the first quarter worth $9,346,000. Finally, Atria Investments Inc acquired a new position in Kellanova in the first quarter worth $1,003,000. 83.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

K has been the topic of several research reports. Wells Fargo & Company increased their price target 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. Royal Bank of Canada cut Kellanova from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and raised their price target for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their price objective on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. Finally, DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Fourteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $74.32.

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.