Zurcher Kantonalbank Zurich Cantonalbank Sells 49,681 Shares of Kellanova (NYSE:K)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Kellanova (NYSE:K) by 28.1% in the third quarter, HoldingsChannel reports. The firm owned 127,138 shares of the company’s stock after selling 49,681 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kellanova were worth $10,261,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in Kellanova by 11.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock worth $150,909,000 after purchasing an additional 277,171 shares during the period. Yacktman Asset Management LP increased its position in Kellanova by 0.5% in the second quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company’s stock worth $123,546,000 after buying an additional 10,510 shares in the last quarter. D. E. Shaw & Co. Inc. raised its stake in shares of Kellanova by 766.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after buying an additional 1,664,461 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Kellanova by 2.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,630,609 shares of the company’s stock valued at $131,606,000 after buying an additional 35,268 shares in the last quarter. Finally, Maverick Capital Ltd. bought a new position in shares of Kellanova during the 2nd quarter valued at approximately $88,065,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Up 0.2 %

Shares of K opened at $81.29 on Monday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. The stock has a market capitalization of $28.02 billion, a price-to-earnings ratio of 27.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.39. Kellanova has a 1 year low of $51.02 and a 1 year high of $81.34. The business’s 50 day simple moving average is $80.82 and its 200-day simple moving average is $71.39.

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

Kellanova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova’s payout ratio is 78.35%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $81.21, for a total transaction of $9,305,285.43. Following the sale, the insider now owns 49,222,442 shares in the company, valued at approximately $3,997,354,514.82. This represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 1,145,830 shares of company stock worth $92,516,606. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

K has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Argus downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Piper Sandler raised their price target on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $76.00 to $83.50 in a research note on Thursday, August 15th. Finally, Wells Fargo & Company increased their target price on Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price 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.