Commerce Bank Lowers Holdings in Kellanova (NYSE:K)

Commerce Bank reduced its position in shares of Kellanova (NYSE:K) by 8.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,985 shares of the company’s stock after selling 2,035 shares during the quarter. Commerce Bank’s holdings in Kellanova were worth $1,774,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB lifted its position in shares of Kellanova by 20.5% in the 3rd quarter. Swedbank AB now owns 273,521 shares of the company’s stock worth $22,076,000 after purchasing an additional 46,450 shares during the period. SG Americas Securities LLC raised its stake in Kellanova by 498.7% in the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock worth $15,049,000 after buying an additional 217,320 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Kellanova by 6.9% during the third quarter. Principal Financial Group Inc. now owns 373,792 shares of the company’s stock worth $30,169,000 after buying an additional 24,067 shares during the period. Atria Investments Inc bought a new stake in Kellanova during the 1st quarter valued at $1,003,000. Finally, Tidal Investments LLC increased its holdings in shares of Kellanova by 36.7% in the 1st quarter. Tidal Investments LLC now owns 37,451 shares of the company’s stock valued at $2,145,000 after acquiring an additional 10,051 shares during the period. 83.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on K shares. Royal Bank of Canada downgraded Kellanova from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $76.00 to $83.50 in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Stifel Nicolaus increased their target price on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Argus downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Evercore ISI upgraded Kellanova to a “hold” rating in a report on Friday, August 2nd. Fifteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $76.35.

Kellanova Price Performance

Shares of K opened at $81.17 on Friday. The company has a market capitalization of $27.98 billion, a P/E ratio of 27.89, a P/E/G ratio of 2.60 and a beta of 0.39. The business’s 50-day moving average is $80.77 and its two-hundred day moving average is $70.65. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77. Kellanova has a fifty-two week low of $51.02 and a fifty-two week high of $81.34.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the business earned $1.03 earnings per share. Kellanova’s quarterly revenue was down .7% on a year-over-year basis. Research analysts predict that Kellanova will post 3.74 earnings per share for the current year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova’s dividend payout ratio is currently 78.35%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 1,109,047 shares of company stock worth $89,483,556. 1.80% of the stock is owned by company insiders.

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.