Kellogg W. K. Foundation Trust Sells 114,583 Shares of Kellanova (NYSE:K) Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $80.72, for a total transaction of $9,249,139.76. Following the completion of the transaction, the insider now directly owns 50,139,106 shares of the company’s stock, valued at $4,047,228,636.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Kellanova Stock Down 0.1 %

NYSE:K opened at $80.59 on Thursday. The company has a market cap of $27.55 billion, a price-to-earnings ratio of 30.18, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. Kellanova has a twelve month low of $47.63 and a twelve month high of $81.00. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. The stock has a fifty day simple moving average of $76.09 and a 200-day simple moving average of $64.57.

Kellanova (NYSE:K) last issued its earnings results 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 firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 earnings per share. Analysts anticipate that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

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

Institutional Trading of Kellanova

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted 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 valued at $27,000 after purchasing an additional 170 shares during the period. B. Riley Wealth Advisors Inc. lifted 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 worth $566,000 after acquiring an additional 180 shares during the period. IFG Advisory LLC lifted its stake in Kellanova by 1.4% in the second quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock worth $797,000 after acquiring an additional 189 shares during the period. Eukles Asset Management lifted its stake in Kellanova by 0.7% in the second quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock worth $1,521,000 after acquiring an additional 193 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in Kellanova by 61.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock worth $30,000 after acquiring an additional 200 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

K has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on shares of Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price for the company. Piper Sandler raised their target price on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Evercore ISI raised shares of Kellanova to a “hold” rating in a report on Friday, August 2nd. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their target price on shares of 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 given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $74.32.

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.