Brookstone Capital Management Reduces Stake in Kellanova (NYSE:K)

Brookstone Capital Management cut its stake in Kellanova (NYSE:K) by 16.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 180,641 shares of the company’s stock after selling 36,639 shares during the quarter. Brookstone Capital Management owned about 0.05% of Kellanova worth $10,349,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of K. Baker Avenue Asset Management LP grew its position in Kellanova by 205.4% in the third quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock worth $30,000 after acquiring an additional 341 shares during the period. Motco grew its holdings in shares of Kellanova by 757.6% during the 4th quarter. Motco now owns 566 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the period. Blue Trust Inc. increased its position in shares of Kellanova by 55.1% during the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after purchasing an additional 206 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Kellanova by 139.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares during the period. Finally, Northwest Financial Advisors acquired a new position in Kellanova in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Up 0.5 %

Shares of NYSE:K opened at $57.68 on Friday. Kellanova has a 1-year low of $47.63 and a 1-year high of $68.69. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The stock has a market cap of $19.72 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.04 and a beta of 0.35. The firm has a fifty day moving average price of $59.69 and a 200 day moving average price of $56.80.

Kellanova (NYSE:K) last announced its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 earnings per share. Sell-side analysts predict that Kellanova will post 3.61 EPS for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Monday, June 3rd were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, June 3rd. Kellanova’s dividend payout ratio is presently 83.90%.

Insider Activity at Kellanova

In other news, SVP Nicolas Amaya sold 9,800 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the sale, the senior vice president now owns 26,191 shares in the company, valued at approximately $1,572,769.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $55.35, for a total value of $4,306,230.00. Following the sale, the insider now directly owns 51,997,838 shares in the company, valued at $2,878,080,333.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the transaction, the senior vice president now owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. Insiders have sold a total of 787,800 shares of company stock worth $46,457,036 in the last three months. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

K has been the subject of several research analyst reports. DA Davidson raised their price target on Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. TD Cowen boosted their price target on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Barclays raised their price objective on shares of Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Kellanova has a consensus rating of “Hold” and a consensus target price of $61.83.

Kellanova Company 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.