Kentucky Retirement Systems Insurance Trust Fund Sells 548 Shares of Kellanova (NYSE:K)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in Kellanova (NYSE:K) by 6.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,943 shares of the company’s stock after selling 548 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Kellanova were worth $641,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Swedbank AB grew its position in Kellanova by 20.5% in the 3rd quarter. Swedbank AB now owns 273,521 shares of the company’s stock worth $22,076,000 after purchasing an additional 46,450 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Kellanova by 4.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after acquiring an additional 10,676 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Kellanova by 498.7% during the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock worth $15,049,000 after acquiring an additional 217,320 shares during the period. Atria Investments Inc purchased a new position in Kellanova in the first quarter worth $1,003,000. Finally, Principal Financial Group Inc. grew its stake in Kellanova by 6.9% in the 3rd quarter. Principal Financial Group Inc. now owns 373,792 shares of the company’s stock valued at $30,169,000 after purchasing an additional 24,067 shares during the period. Institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

NYSE:K opened at $80.60 on Tuesday. The business’s fifty day moving average is $80.72 and its 200 day moving average is $70.15. The firm has a market cap of $27.78 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 2.59 and a beta of 0.39. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77. Kellanova has a 52-week low of $51.02 and a 52-week high of $81.34.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the business posted $1.03 earnings per share. The company’s revenue was down .7% on a year-over-year basis. Research analysts predict that Kellanova will post 3.74 EPS for the current year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova’s dividend payout ratio is presently 78.35%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on K. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Bank of America upgraded shares of 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 note on Friday, August 2nd. Evercore ISI upgraded Kellanova to a “hold” rating in a research note on Friday, August 2nd. Finally, Piper Sandler increased their price objective on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $76.35.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $80.32, for a total value of $6,248,896.00. Following the sale, the insider now directly owns 50,675,238 shares of the company’s stock, valued at $4,070,235,116.16. This trade represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 1,072,264 shares of company stock valued at $86,452,375 in the last three months. Company insiders own 1.80% 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.