EverSource Wealth Advisors LLC Buys 561 Shares of Kellanova (NYSE:K)

EverSource Wealth Advisors LLC raised its position in shares of Kellanova (NYSE:K) by 81.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,249 shares of the company’s stock after acquiring an additional 561 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Kellanova were worth $73,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its position in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after buying an additional 170 shares during the period. Family Firm Inc. bought a new position in shares of Kellanova during the second quarter valued at approximately $29,000. BNP Paribas purchased a new position in shares of Kellanova during the first quarter valued at approximately $30,000. Ridgewood Investments LLC bought a new stake in shares of Kellanova in the 2nd quarter worth approximately $39,000. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of Kellanova in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Trading Up 0.1 %

NYSE:K opened at $80.76 on Friday. 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 has a 12 month low of $47.63 and a 12 month high of $80.97. The company has a market cap of $27.61 billion, a PE ratio of 30.25, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The company has a 50 day simple moving average of $74.25 and a two-hundred day simple moving average of $63.74.

Kellanova (NYSE:K) last posted its earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The firm’s revenue was down 4.7% on a year-over-year basis. Research analysts forecast that Kellanova will post 3.7 earnings per share for the current year.

Kellanova Increases Dividend

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

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the completion of the sale, the insider now owns 50,253,689 shares of the company’s stock, valued at approximately $4,054,467,628.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $80.62, for a total transaction of $6,272,236.00. Following the completion of the sale, the insider now owns 50,597,438 shares of the company’s stock, valued at approximately $4,079,165,451.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the sale, the insider now directly owns 50,253,689 shares of the company’s stock, valued at approximately $4,054,467,628.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 966,149 shares of company stock valued at $69,866,455. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

K has been the subject of a number of recent research reports. Piper Sandler lifted their price objective on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Royal Bank of Canada cut shares of Kellanova from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $76.00 to $83.50 in a research note on Thursday, August 15th. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price objective on the stock in a research report on Monday, August 5th. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, Wells Fargo & Company increased their price target on shares of Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Fourteen research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.