City Holding Co. Cuts Stock Holdings in Kellanova (NYSE:K)

City Holding Co. trimmed its position in shares of Kellanova (NYSE:K) by 13.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,441 shares of the company’s stock after selling 1,170 shares during the period. City Holding Co.’s holdings in Kellanova were worth $426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in K. Rockland Trust Co. grew its stake in Kellanova by 2.1% during the first quarter. Rockland Trust Co. now owns 12,639 shares of the company’s stock worth $724,000 after buying an additional 264 shares during the period. Banque Cantonale Vaudoise increased its holdings in Kellanova by 35.5% in the 1st quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock valued at $4,566,000 after purchasing an additional 20,866 shares in the last quarter. Czech National Bank increased its holdings in Kellanova by 0.5% in the 1st quarter. Czech National Bank now owns 46,405 shares of the company’s stock valued at $2,659,000 after purchasing an additional 213 shares in the last quarter. Thomasville National Bank raised its position in Kellanova by 6.5% in the first quarter. Thomasville National Bank now owns 52,464 shares of the company’s stock valued at $3,006,000 after purchasing an additional 3,212 shares during the period. Finally, Alaska Permanent Fund Corp lifted its stake in shares of Kellanova by 1.0% during the first quarter. Alaska Permanent Fund Corp now owns 194,420 shares of the company’s stock worth $11,138,000 after purchasing an additional 1,960 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on K. TD Cowen lifted their price objective on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Barclays lifted their price target on shares of Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. DA Davidson upped their price objective on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. lifted their target price on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Kellanova has an average rating of “Hold” and an average price target of $61.83.

Kellanova Price Performance

Shares of K traded up $0.91 during midday trading on Monday, reaching $58.39. The stock had a trading volume of 136,408 shares, compared to its average volume of 2,962,981. The firm’s 50 day moving average price is $59.55 and its 200-day moving average price is $56.73. The company has a market capitalization of $19.96 billion, a P/E ratio of 21.53, a P/E/G ratio of 2.05 and a beta of 0.35. Kellanova has a 52 week low of $47.63 and a 52 week high of $68.69. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41.

Kellanova (NYSE:K) last released its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 earnings per share. On average, analysts forecast that Kellanova will post 3.61 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Monday, June 3rd. Kellanova’s dividend payout ratio is presently 83.90%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $55.35, for a total value of $4,306,230.00. Following the completion of the transaction, the insider now owns 51,997,838 shares of the company’s stock, valued at approximately $2,878,080,333.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the sale, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $55.35, for a total transaction of $4,306,230.00. Following the completion of the transaction, the insider now owns 51,997,838 shares in the company, valued at approximately $2,878,080,333.30. The disclosure for this sale can be found here. Insiders sold a total of 865,600 shares of company stock worth $50,918,088 over the last ninety days. 1.80% of the stock is currently owned by company insiders.

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.