JPMorgan Chase & Co. Reduces Position in Kellanova (NYSE:K)

JPMorgan Chase & Co. reduced its position in shares of Kellanova (NYSE:K) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,466,573 shares of the company’s stock after selling 15,001 shares during the period. JPMorgan Chase & Co. owned about 0.43% of Kellanova worth $118,367,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Investors Research Corp raised its stake in Kellanova by 1.0% in the third quarter. Investors Research Corp now owns 12,991 shares of the company’s stock valued at $1,049,000 after buying an additional 125 shares in the last quarter. Assetmark Inc. raised its position in shares of Kellanova by 26.2% during the 3rd quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after acquiring an additional 131 shares in the last quarter. MCF Advisors LLC lifted its stake in Kellanova by 48.8% during the third quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after purchasing an additional 137 shares during the last quarter. S.A. Mason LLC boosted its holdings in Kellanova by 7.6% in the third quarter. S.A. Mason LLC now owns 1,987 shares of the company’s stock valued at $160,000 after purchasing an additional 140 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its stake in Kellanova by 1.7% in the third quarter. Sanctuary Advisors LLC now owns 8,502 shares of the company’s stock valued at $690,000 after purchasing an additional 145 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on K shares. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. BNP Paribas downgraded shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price objective for the company. in a research note on Friday, November 1st. Finally, StockNews.com began coverage on Kellanova in a research report on Monday. They set a “hold” rating on the stock. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Kellanova has a consensus rating of “Hold” and an average target price of $76.35.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $80.63, for a total transaction of $9,238,827.29. Following the completion of the sale, the insider now directly owns 49,909,940 shares in the company, valued at approximately $4,024,238,462.20. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 1,031,247 shares of company stock worth $83,337,362. 1.80% of the stock is owned by corporate insiders.

Kellanova Price Performance

Shares of NYSE K opened at $80.97 on Thursday. The stock has a fifty day moving average price of $80.80 and a 200 day moving average price of $74.69. Kellanova has a 1-year low of $52.46 and a 1-year high of $81.34. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. The company has a market cap of $27.91 billion, a PE ratio of 27.82, a P/E/G ratio of 2.59 and a beta of 0.38.

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

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Monday, December 2nd. Kellanova’s dividend payout ratio is presently 78.35%.

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.