Kellanova (NYSE:K) Major Shareholder Sells $4,461,052.00 in Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $57.34, for a total transaction of $4,461,052.00. Following the completion of the transaction, the insider now owns 52,153,438 shares of the company’s stock, valued at $2,990,478,134.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Kellanova Stock Up 1.1 %

NYSE K traded up $0.64 on Thursday, hitting $57.29. 2,948,206 shares of the company were exchanged, compared to its average volume of 3,314,552. The company has a market cap of $19.58 billion, a PE ratio of 20.83, a PEG ratio of 2.09 and a beta of 0.40. Kellanova has a 12 month low of $47.63 and a 12 month high of $72.30. The stock has a fifty day moving average of $54.83 and a 200-day moving average of $54.30. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same period last year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, analysts forecast that Kellanova will post 3.57 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date was Thursday, February 29th. Kellanova’s dividend payout ratio (DPR) is 81.45%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Cantor Fitzgerald Investment Advisor L.P lifted its position in shares of Kellanova by 95.3% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 424,951 shares of the company’s stock valued at $27,405,000 after purchasing an additional 207,392 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Kellanova by 16.7% during the first quarter. HighTower Advisors LLC now owns 18,121 shares of the company’s stock valued at $1,167,000 after purchasing an additional 2,590 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Kellanova by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,232 shares of the company’s stock worth $2,208,000 after buying an additional 2,119 shares during the last quarter. Raymond James Trust N.A. increased its holdings in Kellanova by 46.9% during the first quarter. Raymond James Trust N.A. now owns 8,653 shares of the company’s stock worth $558,000 after buying an additional 2,764 shares during the last quarter. Finally, Cibc World Market Inc. increased its holdings in Kellanova by 6.4% during the first quarter. Cibc World Market Inc. now owns 38,670 shares of the company’s stock worth $2,494,000 after buying an additional 2,313 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on K. DA Davidson began coverage on shares of Kellanova in a research report on Friday, March 1st. They issued a “buy” rating and a $67.00 price target for the company. Piper Sandler increased their price objective on shares of Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. StockNews.com cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Barclays increased their price objective on shares of Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Finally, Wells Fargo & Company increased their price objective on shares of Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Kellanova currently has an average rating of “Hold” and an average target price of $62.27.

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.