Kellanova $K Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System trimmed its holdings in Kellanova (NYSE:K) by 5.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 243,317 shares of the company’s stock after selling 13,423 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.07% of Kellanova worth $19,351,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Mackenzie Financial Corp grew its holdings in shares of Kellanova by 12.6% in the 1st quarter. Mackenzie Financial Corp now owns 26,290 shares of the company’s stock worth $2,169,000 after acquiring an additional 2,947 shares during the last quarter. Federated Hermes Inc. increased its stake in Kellanova by 115.0% in the 1st quarter. Federated Hermes Inc. now owns 1,993 shares of the company’s stock worth $164,000 after purchasing an additional 1,066 shares in the last quarter. Natixis Advisors LLC raised its holdings in Kellanova by 9.2% during the 1st quarter. Natixis Advisors LLC now owns 67,130 shares of the company’s stock worth $5,538,000 after buying an additional 5,647 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Kellanova by 6.0% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company’s stock valued at $271,000 after buying an additional 185 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Kellanova by 4.6% in the first quarter. PNC Financial Services Group Inc. now owns 78,623 shares of the company’s stock worth $6,486,000 after buying an additional 3,422 shares during the period. 83.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on K shares. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a research note on Wednesday, August 20th. They set a “neutral” rating and a $83.50 target price on the stock. Weiss Ratings downgraded Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, Wall Street Zen upgraded Kellanova from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $83.50.

Kellanova Stock Up 0.2%

Kellanova stock opened at $83.81 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.65. The firm’s fifty day simple moving average is $82.49 and its 200-day simple moving average is $80.97. The company has a market capitalization of $29.16 billion, a P/E ratio of 22.00, a P/E/G ratio of 5.16 and a beta of 0.23.

Kellanova (NYSE:K) last posted its earnings results on Thursday, October 30th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.88 by $0.06. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the prior year, the business posted $0.91 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. Kellanova’s dividend payout ratio (DPR) is presently 63.74%.

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.