Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 77,800 Shares of Stock

Kellanova (NYSE:KGet Free Report) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Kellanova Stock Up 0.9 %

Shares of Kellanova stock opened at $56.88 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. The firm has a market cap of $19.45 billion, a P/E ratio of 21.30, a P/E/G ratio of 1.99 and a beta of 0.34. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $68.23. The business has a 50-day moving average price of $59.48 and a 200 day moving average price of $56.99.

Kellanova (NYSE:KGet Free Report) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.10 earnings per share. On average, sell-side analysts forecast that Kellanova will post 3.62 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.94%. The ex-dividend date was Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Hedge Funds Weigh In On Kellanova

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Kellanova by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Kellanova by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,657,709 shares of the company’s stock valued at $316,323,000 after purchasing an additional 98,294 shares during the last quarter. Beutel Goodman & Co Ltd. grew its holdings in Kellanova by 15.5% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after buying an additional 655,686 shares in the last quarter. Norges Bank bought a new position in Kellanova in the 4th quarter worth approximately $150,184,000. Finally, Dimensional Fund Advisors LP grew its holdings in Kellanova by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock worth $124,893,000 after buying an additional 9,726 shares in the last quarter. 83.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on K shares. TD Cowen boosted their price objective on Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Bank of America cut their price target on Kellanova from $64.00 to $62.00 and set a “neutral” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Barclays boosted their price target on Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Finally, DA Davidson boosted their price target on Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $61.85.

Read Our Latest Research Report on Kellanova

About Kellanova

(Get Free Report)

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.

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