Kellanova (NYSE:K) Shares Sold by Moors & Cabot Inc.

Moors & Cabot Inc. decreased its position in Kellanova (NYSE:K) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,581 shares of the company’s stock after selling 396 shares during the quarter. Moors & Cabot Inc.’s holdings in Kellanova were worth $495,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in K. Intech Investment Management LLC raised its stake in Kellanova by 10.1% during the fourth quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock worth $14,754,000 after acquiring an additional 24,124 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Kellanova by 4.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock worth $14,705,000 after purchasing an additional 10,676 shares during the last quarter. SG Americas Securities LLC boosted its position in Kellanova by 498.7% during the 2nd quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock valued at $15,049,000 after purchasing an additional 217,320 shares during the period. Banque Cantonale Vaudoise grew its stake in Kellanova by 35.5% during the 1st quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock worth $4,566,000 after buying an additional 20,866 shares during the last quarter. Finally, M&G Plc acquired a new stake in Kellanova in the first quarter worth $9,346,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on K shares. Piper Sandler upped their price target on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. BNP Paribas upgraded shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research report on Monday, August 5th. DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and lifted their price target for the company from $80.00 to $83.50 in a report on Monday, August 26th. The Goldman Sachs Group started coverage on Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price objective for the company. Finally, Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and lifted their target price for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. Fourteen research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Kellanova currently has an average rating of “Hold” and an average price target of $74.32.

Kellanova Stock Performance

Shares of K opened at $80.65 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The firm’s 50 day moving average is $71.90 and its 200-day moving average is $62.80. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.97. The stock has a market capitalization of $27.57 billion, a P/E ratio of 30.21, a P/E/G ratio of 2.57 and a beta of 0.39.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 earnings per share. Equities research analysts anticipate that Kellanova will post 3.7 EPS 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 of this dividend 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%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $57.64, for a total transaction of $4,484,392.00. Following the sale, the insider now owns 51,219,838 shares in the company, valued at $2,952,311,462.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $57.64, for a total value of $4,484,392.00. Following the completion of the transaction, the insider now owns 51,219,838 shares in the company, valued at approximately $2,952,311,462.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 929,366 shares of company stock valued at $65,106,291. 1.80% of the stock is owned by corporate insiders.

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.