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 business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $80.72, for a total value of $9,249,139.76. Following the completion of the sale, the insider now directly owns 50,139,106 shares of the company’s stock, valued at $4,047,228,636.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Kellanova Price Performance

NYSE:K traded down $0.07 during midday trading on Monday, hitting $80.71. 2,358,793 shares of the stock were exchanged, compared to its average volume of 3,241,832. Kellanova has a one year low of $47.63 and a one year high of $81.00. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 30.25, a P/E/G ratio of 2.59 and a beta of 0.39. The business has a 50-day moving average price of $74.69 and a two-hundred day moving average price of $64.00. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.01 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 firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the company earned $1.25 earnings per share. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. Sell-side analysts predict that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were issued a $0.57 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 annualized dividend and a dividend yield of 2.82%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is currently 85.39%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of K. Vanguard Group Inc. raised its stake in Kellanova by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Kellanova by 11.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock valued at $150,909,000 after purchasing an additional 277,171 shares in the last quarter. Yacktman Asset Management LP lifted its holdings in shares of Kellanova by 0.5% in the second quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company’s stock valued at $123,546,000 after purchasing an additional 10,510 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in Kellanova by 766.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after acquiring an additional 1,664,461 shares during the period. Finally, Maverick Capital Ltd. purchased a new position in Kellanova during the 2nd quarter valued at about $88,065,000. Institutional investors own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

K has been the subject of several research analyst reports. Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Barclays lifted their target price on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. StockNews.com initiated coverage on Kellanova in a research note on Wednesday, September 25th. They issued a “hold” rating for the company. Evercore ISI upgraded Kellanova to a “hold” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus lifted their target price on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Fourteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to 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.