Westpac Banking Corp Decreases Stake in Kellanova (NYSE:K)

Westpac Banking Corp cut its holdings in shares of Kellanova (NYSE:K) by 19.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 55,598 shares of the company’s stock after selling 13,305 shares during the quarter. Westpac Banking Corp’s holdings in Kellanova were worth $4,502,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund lifted its holdings in shares of Kellanova by 0.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,091 shares of the company’s stock worth $1,870,000 after acquiring an additional 130 shares during the last quarter. Quent Capital LLC raised its position in Kellanova by 20.2% in the 4th quarter. Quent Capital LLC now owns 833 shares of the company’s stock worth $67,000 after purchasing an additional 140 shares during the period. Sanctuary Advisors LLC lifted its stake in Kellanova by 1.7% in the third quarter. Sanctuary Advisors LLC now owns 8,502 shares of the company’s stock worth $690,000 after purchasing an additional 145 shares during the last quarter. OneAscent Financial Services LLC boosted its position in Kellanova by 4.7% during the fourth quarter. OneAscent Financial Services LLC now owns 3,315 shares of the company’s stock valued at $268,000 after buying an additional 149 shares during the period. Finally, SPC Financial Inc. grew its stake in shares of Kellanova by 5.7% during the fourth quarter. SPC Financial Inc. now owns 2,976 shares of the company’s stock valued at $241,000 after buying an additional 160 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $82.70, for a total transaction of $9,476,014.10. Following the completion of the transaction, the insider now directly owns 47,847,446 shares of the company’s stock, valued at $3,956,983,784.20. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 1,260,413 shares of company stock worth $103,473,032 in the last quarter. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on K shares. Royal Bank of Canada cut Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. StockNews.com began coverage on Kellanova in a research note on Friday, March 28th. They set a “hold” rating for the company. Fourteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Kellanova has a consensus rating of “Hold” and a consensus price target of $77.96.

Kellanova Stock Performance

NYSE:K opened at $82.50 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. The firm’s fifty day simple moving average is $82.28 and its 200 day simple moving average is $81.38. The stock has a market cap of $28.48 billion, a P/E ratio of 21.32, a price-to-earnings-growth ratio of 4.21 and a beta of 0.31. Kellanova has a twelve month low of $55.01 and a twelve month high of $83.22.

Kellanova (NYSE:K) last announced its earnings results on Thursday, February 6th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.61. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. As a group, research analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.76%. The ex-dividend date was Monday, March 3rd. Kellanova’s dividend payout ratio is currently 58.91%.

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.