Kellanova $K Shares Sold by Ascent Group LLC

Ascent Group LLC decreased its position in Kellanova (NYSE:K) by 3.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 31,856 shares of the company’s stock after selling 1,146 shares during the period. Ascent Group LLC’s holdings in Kellanova were worth $2,533,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Grove Bank & Trust purchased a new stake in shares of Kellanova during the first quarter valued at $25,000. Financial Network Wealth Advisors LLC purchased a new stake in shares of Kellanova during the first quarter valued at $25,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Kellanova during the first quarter valued at $27,000. EQ Wealth Advisors LLC purchased a new stake in shares of Kellanova during the first quarter valued at $49,000. Finally, Dagco Inc. purchased a new stake in shares of Kellanova during the first quarter valued at $49,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Stock Up 0.1%

NYSE:K opened at $82.72 on Friday. The firm has a market capitalization of $28.76 billion, a price-to-earnings ratio of 21.71, a PEG ratio of 5.15 and a beta of 0.24. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.22. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The business’s fifty day moving average price is $79.66 and its 200 day moving average price is $80.77.

Kellanova (NYSE:K) last issued its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is an increase from Kellanova’s previous quarterly dividend of $0.57. Kellanova’s payout ratio is currently 60.89%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the transaction, the insider directly owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 802,097 shares of company stock valued at $63,999,316. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on K shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Kellanova in a report on Saturday, September 27th. JPMorgan Chase & Co. assumed coverage on Kellanova in a report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 target price for the company. Finally, Wall Street Zen lowered Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $83.38.

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.