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 firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the sale, the insider now owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Kellanova Stock Performance

Shares of NYSE K remained flat at $80.68 during trading hours on Monday. 2,276,517 shares of the company traded hands, compared to its average volume of 3,299,781. The firm has a fifty day moving average of $69.97 and a two-hundred day moving average of $62.14. The firm has a market cap of $27.58 billion, a P/E ratio of 30.22, a PEG ratio of 2.57 and a beta of 0.39. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.97.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the business posted $1.25 EPS. The company’s revenue was down 4.7% compared to the same quarter last year. As a group, sell-side analysts expect that Kellanova will post 3.7 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 85.39%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Kellanova by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares during the last quarter. Beutel Goodman & Co Ltd. grew its stake in shares of Kellanova by 15.5% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after buying an additional 655,686 shares during the last quarter. Norges Bank acquired a new position in shares of Kellanova during the fourth quarter worth $150,184,000. Dimensional Fund Advisors LP boosted its holdings in shares of Kellanova by 11.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock valued at $150,909,000 after acquiring an additional 277,171 shares in the last quarter. Finally, Yacktman Asset Management LP boosted its holdings in shares of Kellanova by 0.5% during the 2nd quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company’s stock valued at $123,546,000 after acquiring an additional 10,510 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group began coverage on shares of Kellanova in a research report on Monday, August 12th. They set a “neutral” rating and a $75.00 price objective for the company. Piper Sandler lifted their price target on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. DA Davidson lowered Kellanova from a “buy” rating to a “neutral” rating and upped their price objective for the company from $80.00 to $83.50 in a report on Monday, August 26th. Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research note on Thursday, August 15th. Fourteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Kellanova currently has a consensus 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.