Oppenheimer Asset Management Inc. Cuts Position in Kellanova (NYSE:K)

Oppenheimer Asset Management Inc. cut its holdings in shares of Kellanova (NYSE:K) by 95.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,530 shares of the company’s stock after selling 71,545 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Kellanova were worth $285,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of Kellanova by 11.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock worth $150,909,000 after acquiring an additional 277,171 shares during the period. Yacktman Asset Management LP raised its stake in shares of Kellanova by 0.5% during the 2nd 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. lifted its holdings in Kellanova by 766.5% during 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 purchasing an additional 1,664,461 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in Kellanova in the 2nd quarter worth about $88,065,000. Finally, TD Asset Management Inc increased 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 worth $80,244,000 after purchasing an additional 40,406 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Stock Performance

Shares of K stock opened at $80.77 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. Kellanova has a 12 month low of $51.02 and a 12 month high of $81.34. The firm has a fifty day moving average price of $80.75 and a 200 day moving average price of $70.43. The company has a market cap of $27.84 billion, a P/E ratio of 27.76, a PEG ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last announced its earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the company earned $1.03 earnings per share. The business’s revenue was down .7% compared to the same quarter last year. Sell-side analysts predict that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. Kellanova’s dividend payout ratio (DPR) is presently 78.35%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s 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 $4,051,249,113.75. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 994,464 shares of company stock valued at $80,203,479. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

K has been the topic of a number of analyst reports. DA Davidson downgraded Kellanova from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Barclays boosted their price target 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. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Piper Sandler boosted their target price on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a report on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $76.35.

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.