Kellanova (NYSE:K) Shares Sold by Rockland Trust Co.

Rockland Trust Co. reduced its stake in shares of Kellanova (NYSE:K) by 49.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,447 shares of the company’s stock after selling 6,187 shares during the period. Rockland Trust Co.’s holdings in Kellanova were worth $520,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of K. Vanguard Group Inc. lifted its holdings in shares of Kellanova by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after acquiring an additional 1,130,582 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Kellanova by 11.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock worth $150,909,000 after purchasing an additional 277,171 shares in the last quarter. Yacktman Asset Management LP boosted its position in shares of 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 during the period. D. E. Shaw & Co. Inc. grew its stake in shares of Kellanova by 766.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock valued at $108,532,000 after buying an additional 1,664,461 shares in the last quarter. Finally, Maverick Capital Ltd. purchased a new stake in shares of Kellanova during the 2nd quarter valued at about $88,065,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on K. Wells Fargo & Company increased their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Piper Sandler upped their target price on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and increased their target price for the company from $80.00 to $83.50 in a research note on Monday, August 26th. Fifteen research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Kellanova currently has an average rating of “Hold” and an average target price of $74.32.

Kellanova Stock Performance

K traded down $0.02 on Friday, hitting $80.61. 1,198,123 shares of the company’s stock were exchanged, compared to its average volume of 3,214,510. Kellanova has a twelve month low of $47.63 and a twelve month high of $81.00. The firm has a market cap of $27.56 billion, a PE ratio of 30.19, a P/E/G ratio of 2.59 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 stock has a fifty day moving average of $77.02 and a two-hundred day moving average of $64.80.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share 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 business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, research analysts anticipate that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were given a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a dividend 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 77,800 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $56.19, for a total value of $4,371,582.00. Following the transaction, the insider now owns 51,064,238 shares in the company, valued at $2,869,299,533.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $56.19, for a total value of $4,371,582.00. Following the transaction, the insider now directly owns 51,064,238 shares in the company, valued at approximately $2,869,299,533.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated 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 $4,062,201,136.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,080,732 shares of company stock worth $79,115,595. Corporate insiders own 1.80% of the company’s stock.

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.