Texas Permanent School Fund Corp Sells 10,918 Shares of Kellanova (NYSE:K)

Texas Permanent School Fund Corp lessened its holdings in Kellanova (NYSE:K) by 20.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,599 shares of the company’s stock after selling 10,918 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Kellanova were worth $2,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its position in Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock worth $1,797,525,000 after purchasing an additional 1,130,582 shares during the period. Norges Bank purchased a new position in shares of Kellanova during the fourth quarter valued at approximately $150,184,000. Dimensional Fund Advisors LP boosted its holdings in Kellanova by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock valued at $124,893,000 after acquiring an additional 9,726 shares in the last quarter. Yacktman Asset Management LP raised its stake in Kellanova by 0.5% in the second quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company’s stock worth $123,546,000 after buying an additional 10,510 shares in the last quarter. Finally, TD Asset Management Inc boosted its position in shares of Kellanova by 3.0% during the second quarter. TD Asset Management Inc now owns 1,391,196 shares of the company’s stock valued at $80,244,000 after purchasing an additional 40,406 shares in the last quarter. 83.87% of the stock is owned by institutional investors.

Kellanova Stock Performance

NYSE:K opened at $80.68 on Tuesday. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.97. The company has a market capitalization of $27.58 billion, a P/E ratio of 30.22, a price-to-earnings-growth ratio of 2.57 and a beta of 0.39. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. The firm has a 50-day moving average price of $70.45 and a two-hundred day moving average price of $62.32.

Kellanova (NYSE:K) last released its earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the company earned $1.25 EPS. Kellanova’s revenue for the quarter was down 4.7% on a year-over-year basis. As a group, research analysts expect that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were given a $0.57 dividend. The ex-dividend date was Tuesday, September 3rd. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 2.83%. Kellanova’s dividend payout ratio (DPR) is 85.39%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $80.65, for a total value of $9,241,118.95. Following the transaction, the insider now directly owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $57.64, for a total value of $4,484,392.00. Following the completion of the transaction, the insider now directly owns 51,219,838 shares of the company’s stock, valued at approximately $2,952,311,462.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $80.65, for a total value of $9,241,118.95. Following the completion of the sale, the insider now owns 50,368,272 shares of the company’s stock, valued at $4,062,201,136.80. The disclosure for this sale can be found here. Insiders sold a total of 1,007,166 shares of company stock worth $69,596,129 in the last 90 days. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on K shares. JPMorgan Chase & Co. raised their price target on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Barclays raised their price objective on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. DA Davidson downgraded shares of Kellanova from a “buy” rating to a “neutral” rating and increased their price objective for the company from $80.00 to $83.50 in a report on Monday, August 26th. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, StockNews.com assumed coverage on Kellanova in a report on Monday, September 9th. They issued a “hold” rating on the stock. Fourteen research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.32.

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.