Canandaigua National Bank & Trust Co. Reduces Holdings in Kellanova (NYSE:K)

Canandaigua National Bank & Trust Co. decreased its position in shares of Kellanova (NYSE:K) by 6.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,853 shares of the company’s stock after selling 652 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Kellanova were worth $715,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co boosted its stake in shares of Kellanova by 4.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock worth $14,705,000 after buying an additional 10,676 shares during the period. SG Americas Securities LLC boosted its stake in shares of Kellanova by 498.7% during the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock worth $15,049,000 after buying an additional 217,320 shares during the period. Banque Cantonale Vaudoise lifted its position in Kellanova by 35.5% in the first quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock valued at $4,566,000 after purchasing an additional 20,866 shares during the period. M&G Plc acquired a new stake in Kellanova in the first quarter valued at about $9,346,000. Finally, Atria Investments Inc acquired a new stake in Kellanova in the first quarter valued at about $1,003,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $80.72, for a total value of $9,249,139.76. Following the completion of the transaction, the insider now owns 50,139,106 shares in the company, valued at approximately $4,047,228,636.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the sale, the insider now directly owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $80.72, for a total transaction of $9,249,139.76. Following the completion of the sale, the insider now directly owns 50,139,106 shares of the company’s stock, valued at approximately $4,047,228,636.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,080,732 shares of company stock worth $79,115,595. Insiders own 1.80% of the company’s stock.

Kellanova Stock Down 0.0 %

Shares of K traded down $0.02 during midday trading on Friday, hitting $80.61. The company had a trading volume of 1,198,123 shares, compared to its average volume of 3,214,510. The company’s 50 day moving average price is $77.02 and its 200 day moving average price is $64.80. The stock has a market cap of $27.56 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 2.59 and a beta of 0.39. Kellanova has a 52 week low of $47.63 and a 52 week high of $81.00. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last released its earnings results 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. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. During the same quarter in the previous year, the firm earned $1.25 EPS. The company’s revenue was down 4.7% on a year-over-year basis. On average, equities research analysts predict that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors 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 2.83%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is currently 85.39%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and lifted their price target for the company from $62.00 to $70.00 in a research report on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. StockNews.com started coverage on shares of Kellanova in a research note on Thursday. They set a “hold” rating for the company. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently 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.