Hsbc Holdings PLC Sells 119,780 Shares of Kellanova (NYSE:K)

Hsbc Holdings PLC lessened its position in shares of Kellanova (NYSE:K) by 14.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 700,254 shares of the company’s stock after selling 119,780 shares during the period. Hsbc Holdings PLC owned approximately 0.20% of Kellanova worth $40,374,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Janney Montgomery Scott LLC lifted its position in shares of Kellanova by 43.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,878 shares of the company’s stock worth $2,286,000 after buying an additional 12,352 shares during the last quarter. Norges Bank bought a new position in shares of Kellanova in the fourth quarter worth about $150,184,000. PNC Financial Services Group Inc. boosted its stake in shares of Kellanova by 14.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 70,981 shares of the company’s stock valued at $3,969,000 after purchasing an additional 9,036 shares in the last quarter. UBS Group AG boosted its stake in shares of Kellanova by 0.9% in the 4th quarter. UBS Group AG now owns 849,026 shares of the company’s stock valued at $47,469,000 after purchasing an additional 7,984 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Kellanova by 21.1% during the 4th quarter. Wells Fargo & Company MN now owns 470,778 shares of the company’s stock valued at $26,321,000 after purchasing an additional 82,085 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analysts Set New Price Targets

K has been the topic of a number of research analyst reports. DA Davidson lowered shares of Kellanova from a “buy” rating to a “neutral” rating and raised their target price for the company from $80.00 to $83.50 in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft boosted their price objective on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Evercore ISI raised Kellanova to a “hold” rating in a report on Friday, August 2nd. Barclays lifted their price target on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Finally, Stifel Nicolaus upped their price objective on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Fourteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Kellanova currently has an average rating of “Hold” and a consensus price target of $74.32.

Kellanova Stock Performance

Shares of K opened at $80.81 on Friday. 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’s fifty day simple moving average is $72.38 and its two-hundred day simple moving average is $62.93. Kellanova has a 12 month low of $47.63 and a 12 month high of $80.97. The stock has a market capitalization of $27.63 billion, a P/E ratio of 30.27, a price-to-earnings-growth ratio of 2.57 and a beta of 0.39.

Kellanova (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.90 by $0.11. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, analysts predict that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is presently 85.39%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the transaction, the insider now owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The disclosure for this sale can be found here. Insiders have sold a total of 929,366 shares of company stock valued at $65,106,291 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

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.