Kellanova (NYSE:K) Major Shareholder Kellogg W. K. Foundation Trust Sells 114,583 Shares

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $81.89, for a total value of $9,383,201.87. Following the completion of the sale, the insider now directly owns 46,357,867 shares of the company’s stock, valued at approximately $3,796,245,728.63. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Kellanova Stock Down 0.1%

NYSE K traded down $0.11 during trading on Monday, reaching $81.95. The company’s stock had a trading volume of 1,690,205 shares, compared to its average volume of 2,768,472. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $28.43 billion, a PE ratio of 21.18, a PEG ratio of 4.21 and a beta of 0.30. Kellanova has a 1-year low of $55.96 and a 1-year high of $83.22. The business has a 50-day moving average price of $82.33 and a 200-day moving average price of $81.91.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. On average, research analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.78%. Kellanova’s payout ratio is 57.58%.

Analysts Set New Price Targets

Several research firms have weighed in on K. Citigroup raised Kellanova to a “neutral” rating and set a $83.50 target price on the stock in a research note on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Finally, Royal Bank of Canada downgraded shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Fourteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $79.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in Kellanova in the fourth quarter worth about $285,126,000. Franklin Resources Inc. boosted its stake in Kellanova by 869.5% in the fourth quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company’s stock valued at $208,826,000 after acquiring an additional 2,313,047 shares during the last quarter. Pentwater Capital Management LP grew its position in shares of Kellanova by 39.0% during the 1st quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock worth $659,920,000 after buying an additional 2,245,000 shares during the period. FIL Ltd increased its position in shares of Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company’s stock valued at $193,356,000 after buying an additional 1,542,000 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in Kellanova by 136.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company’s stock valued at $141,356,000 after buying an additional 1,006,100 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

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.