Cambridge Trust Co. Decreases Stake in Kellanova (NYSE:K)

Cambridge Trust Co. trimmed its position in shares of Kellanova (NYSE:K) by 5.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,300 shares of the company’s stock after selling 300 shares during the period. Cambridge Trust Co.’s holdings in Kellanova were worth $304,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bfsg LLC lifted its stake in Kellanova by 64.5% in the first quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after buying an additional 200 shares during the last quarter. BNP Paribas acquired a new stake in Kellanova during the 1st quarter worth $30,000. Motco grew its position in Kellanova by 757.6% during the 4th quarter. Motco now owns 566 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Blue Trust Inc. increased its stake in Kellanova by 55.1% in the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after purchasing an additional 206 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Kellanova by 139.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on K shares. JPMorgan Chase & Co. upped their target price on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank of Canada lifted their price target on Kellanova from $60.00 to $62.00 and gave the stock a “sector perform” rating in a research note on Friday. DA Davidson boosted their price objective on shares of Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. TD Cowen lifted their target price on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Finally, Barclays decreased their price objective on Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Kellanova has an average rating of “Hold” and an average target price of $62.79.

Kellanova Stock Performance

Shares of K traded up $0.93 during mid-day trading on Friday, hitting $62.98. The company’s stock had a trading volume of 4,730,736 shares, compared to its average volume of 2,053,996. Kellanova has a one year low of $47.63 and a one year high of $67.79. The stock’s 50-day moving average is $58.25 and its two-hundred day moving average is $57.22. The firm has a market capitalization of $21.53 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.41 and a current ratio of 0.73.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business’s revenue was down 4.7% on a year-over-year basis. During the same period last year, the business earned $1.25 earnings per share. As a group, sell-side analysts anticipate that Kellanova will post 3.68 EPS for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a $0.57 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.62%. Kellanova’s payout ratio is currently 83.90%.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the transaction, the insider now directly owns 51,764,438 shares in the company, valued at approximately $3,153,489,562.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total value of $4,739,576.00. Following the completion of the sale, the insider now owns 51,764,438 shares in the company, valued at $3,153,489,562.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of Kellanova stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the transaction, the senior vice president now directly owns 26,191 shares in the company, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 865,600 shares of company stock worth $50,837,176. Insiders own 1.80% of the company’s stock.

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.