M&T Bank Corp Decreases Stake in Kellanova (NYSE:K)

M&T Bank Corp cut its holdings in shares of Kellanova (NYSE:K) by 0.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,729 shares of the company’s stock after selling 165 shares during the quarter. M&T Bank Corp’s holdings in Kellanova were worth $2,319,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Kellanova by 5.2% in the 3rd quarter. State Street Corp now owns 14,725,420 shares of the company’s stock worth $1,188,489,000 after purchasing an additional 731,273 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Kellanova by 11.8% in the second 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 during the period. Yacktman Asset Management LP grew its stake in Kellanova by 0.5% during the second 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. D. E. Shaw & Co. Inc. increased its holdings in Kellanova by 766.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after acquiring an additional 1,664,461 shares during the period. Finally, Barclays PLC lifted its stake in Kellanova by 134.7% in the 3rd quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after purchasing an additional 1,033,383 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Kellanova Trading Down 0.2 %

NYSE K opened at $80.58 on Friday. The stock has a 50-day moving average of $80.82 and a 200-day moving average of $72.57. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. Kellanova has a 1-year low of $52.46 and a 1-year high of $81.34. The firm has a market cap of $27.78 billion, a PE ratio of 27.69, a price-to-earnings-growth ratio of 2.59 and a beta of 0.38.

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

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.57 per share. The ex-dividend date was Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. Kellanova’s dividend payout ratio is currently 78.35%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $80.70, for a total value of $9,246,848.10. Following the completion of the sale, the insider now directly owns 49,107,859 shares of the company’s stock, valued at approximately $3,963,004,221.30. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 1,145,830 shares of company stock valued at $92,568,168 over the last ninety days. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

K has been the topic of several research analyst reports. StockNews.com assumed coverage on shares of Kellanova in a report on Saturday. They issued a “hold” rating on the stock. BNP Paribas downgraded shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 target price on the stock. in a research note on Friday, November 1st. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, DA Davidson cut shares of Kellanova from a “buy” rating to a “neutral” rating and raised their price objective for the company from $80.00 to $83.50 in a research report on Monday, August 26th. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $76.35.

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.