Kellanova (NYSE:K) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its stake in Kellanova (NYSE:K) by 23.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,024 shares of the company’s stock after selling 45,176 shares during the period. Mackenzie Financial Corp’s holdings in Kellanova were worth $8,538,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in K. Blue Trust Inc. increased its holdings in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares during the last quarter. Family Firm Inc. bought a new stake in Kellanova during the second quarter valued at $29,000. BNP Paribas acquired a new stake in shares of Kellanova during the first quarter worth $30,000. Ridgewood Investments LLC bought a new position in shares of Kellanova in the 2nd quarter worth about $39,000. Finally, YHB Investment Advisors Inc. acquired a new position in shares of Kellanova in the 1st quarter valued at about $42,000. 83.87% of the stock is currently owned by institutional investors.

Kellanova Price Performance

Shares of Kellanova stock opened at $80.71 on Tuesday. Kellanova has a 52 week low of $47.63 and a 52 week high of $81.00. 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 stock has a market cap of $27.59 billion, a PE ratio of 30.23, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The company’s 50-day moving average price is $75.15 and its two-hundred day moving average price is $64.19.

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

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders 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 was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is 85.39%.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the transaction, the insider now owns 50,482,855 shares in the company, valued at approximately $4,051,249,113.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the transaction, the insider now owns 50,482,855 shares of the company’s stock, valued at approximately $4,051,249,113.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $56.19, for a total transaction of $4,371,582.00. Following the sale, the insider now directly owns 51,064,238 shares in the company, valued at $2,869,299,533.22. The disclosure for this sale can be found here. Insiders sold a total of 1,080,732 shares of company stock valued at $79,115,595 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

K has been the topic of a number of research reports. StockNews.com initiated coverage on Kellanova in a research report on Wednesday, September 25th. They set a “hold” rating on the stock. Barclays raised their target price on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. BNP Paribas upgraded shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a research report on Monday, August 5th. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and boosted their target price for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. Finally, Stifel Nicolaus raised their price target on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Fourteen analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $74.32.

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.