Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 114,583 Shares of Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $80.63, for a total transaction of $9,238,827.29. Following the sale, the insider now owns 49,909,940 shares of the company’s stock, valued at approximately $4,024,238,462.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Kellanova Stock Performance

NYSE:K opened at $81.06 on Thursday. The firm has a 50-day moving average of $79.89 and a two-hundred day moving average of $66.31. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The stock has a market cap of $27.71 billion, a P/E ratio of 30.36, a PEG ratio of 2.59 and a beta of 0.39. Kellanova has a 1-year low of $49.28 and a 1-year high of $81.21.

Kellanova (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $3.15 billion. During the same period in the prior year, the company posted $1.25 EPS. Kellanova’s quarterly revenue was down 4.7% on a year-over-year basis. On average, research analysts expect that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 2.81%. The ex-dividend date was Tuesday, September 3rd. Kellanova’s dividend payout ratio (DPR) is currently 85.39%.

Institutional Investors Weigh In On Kellanova

A number of institutional investors have recently modified their holdings of the stock. Blue Trust Inc. raised its position in shares of Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Kellanova by 1.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 9,810 shares of the company’s stock worth $566,000 after buying an additional 180 shares during the last quarter. IFG Advisory LLC boosted its holdings in shares of Kellanova by 1.4% in the 2nd quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock valued at $797,000 after buying an additional 189 shares during the period. Eukles Asset Management grew its position in shares of Kellanova by 0.7% during the 2nd quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock valued at $1,521,000 after buying an additional 193 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its stake in Kellanova by 61.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on K. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada downgraded 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 report on Thursday, August 15th. StockNews.com assumed coverage on Kellanova in a research note on Friday, October 11th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research note on Thursday, August 15th. Finally, DA Davidson cut shares of Kellanova from a “buy” rating to a “neutral” rating and raised their target price for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Fifteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Kellanova presently has a consensus rating of “Hold” and an average target price 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.