Majority Shareholder Kellanova (NYSE:K) Sells $9,231,952.31 in Stock

Major shareholder Kellogg WK Foundation Trust (NYSE:K – Get Free Report) sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $80.57, for a total value of $9,231,952.31. Following the completion of the transaction, the insider now directly owns 50,024,523 shares in the company, valued at approximately $4,030,475,818.11. This represents a 0.00 % decrease in ownership of the shares. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Major shareholders who own 10% or more of a company’s stock are required to disclose their sales and purchases to the SEC.

Kellanova Price Performance

Shares of NYSE K opened at $80.56 on Thursday. Kellanova has a 12-month low of $47.63 and a 12-month high of $81.00. The company’s 50-day simple moving average is $77.95, and its 200-day simple moving average is $65.29. The company has a quick ratio of 0.48, a current ratio of 0.73, and a debt-to-equity ratio of 1.46. The company has a market cap of $27.54 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K – Get Your Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. In the same quarter last year, the company earned $1.25 per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, research analysts expect that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova increases dividend

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

Analysts set new price targets

Several brokerages recently issued reports on K. Argus downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and upped their target price for the stock from $62.00 to $70.00 in a research report on Friday, 2 August. Piper Sandler boosted their price objective on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Evercore ISI raised Kellanova to a “hold” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. upped their target price on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Fifteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $74.32, according to MarketBeat.

Get the latest report on Kellanova

Institutional inputs and outputs

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. raised its stake in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in Kellanova by 1.9% in the second quarter. B. Riley Wealth Advisors Inc. now owns 9,810 shares of the company’s stock valued at $566,000 after purchasing an additional 180 shares during the last quarter. IFG Advisory LLC boosted its stake in Kellanova by 1.4% in the second quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock valued at $797,000 after acquiring an additional 189 shares during the last quarter. Eukles Asset Management grew its position in shares of Kellanova by 0.7% in the second quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock valued at $1,521,000 after acquiring an additional 193 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its stake in Kellanova by 61.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock worth $30,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s shares.

Kellanova Company Profile

(Get a free report)

Kellanova, together with its subsidiaries, manufactures and markets snacks and food products in North America, Europe, Latin America, Asia Pacific, the Middle East, Australia and Africa. Its main products include crackers, chips, salty snacks, fried pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, plant foods and noodles.

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