Private Advisor Group LLC Decreases Position in Kellanova (NYSE:K)

Private Advisor Group LLC lessened its holdings in shares of Kellanova (NYSE:K) by 3.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 20,892 shares of the company’s stock after selling 783 shares during the quarter. Private Advisor Group LLC’s holdings in Kellanova were worth $1,686,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. D. E. Shaw & Co. Inc. raised its stake in Kellanova by 766.5% in 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 last quarter. Maverick Capital Ltd. purchased a new position in Kellanova in the 2nd quarter worth $88,065,000. Point72 Asset Management L.P. purchased a new position in Kellanova in the 2nd quarter worth $63,585,000. Boston Partners raised its stake in Kellanova by 117.1% in the 1st quarter. Boston Partners now owns 1,278,079 shares of the company’s stock worth $73,221,000 after acquiring an additional 689,395 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Kellanova by 130.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock worth $62,122,000 after acquiring an additional 608,989 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

NYSE:K opened at $80.83 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. Kellanova has a 52 week low of $50.14 and a 52 week high of $81.26. The stock has a market capitalization of $27.63 billion, a PE ratio of 30.27, a price-to-earnings-growth ratio of 2.60 and a beta of 0.39. The stock’s 50-day moving average price is $80.63 and its 200-day moving average price is $68.00.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (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 company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the firm posted $1.25 EPS. Kellanova’s revenue was down 4.7% compared to the same quarter last year. As a group, equities analysts expect that Kellanova will post 3.7 EPS for the current fiscal year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova’s payout ratio is 85.39%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $80.25, for a total value of $9,195,285.75. Following the sale, the insider now directly owns 50,482,855 shares in the company, valued at approximately $4,051,249,113.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the transaction, the insider now directly owns 50,482,855 shares of the company’s stock, valued at $4,051,249,113.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the transaction, the insider now directly owns 50,830,838 shares in the company, valued at $3,761,990,320.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,227,864 shares of company stock worth $98,438,243. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. BNP Paribas upgraded Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research note on Monday, August 5th. Piper Sandler raised their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. DA Davidson lowered Kellanova from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $83.50 in a research note on Monday, August 26th. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. Finally, Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $76.00 to $83.50 in a research note on Thursday, August 15th. Fifteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Kellanova has a consensus rating of “Hold” and an average target price of $74.32.

Kellanova 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.