Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 114,583 Shares of Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Kellanova Stock Performance

Kellanova stock remained flat at $80.68 during mid-day trading on Monday. The company’s stock had a trading volume of 2,276,517 shares, compared to its average volume of 3,299,781. The stock has a market cap of $27.58 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 2.57 and a beta of 0.39. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.97. The company has a fifty day simple moving average of $69.97 and a 200-day simple moving average of $62.14. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48.

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, beating the consensus estimate of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the firm posted $1.25 EPS. Kellanova’s revenue was down 4.7% compared to the same quarter last year. On average, research analysts forecast that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date was Tuesday, September 3rd. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is currently 85.39%.

Analyst Ratings Changes

Several research analysts have commented on the company. Stifel Nicolaus lifted their target price on Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a report on Monday, August 12th. StockNews.com started coverage on Kellanova in a report on Monday, September 9th. They issued a “hold” rating on the stock. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. upped their price objective on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research note on Monday, August 5th. Fourteen equities research 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 an average target price of $74.32.

Hedge Funds Weigh In On Kellanova

A number of hedge funds have recently added to or reduced their stakes in K. Intech Investment Management LLC grew its stake in shares of Kellanova by 10.1% in the 4th 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 in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Kellanova by 4.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after buying an additional 10,676 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Kellanova by 498.7% during the 2nd 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 in the last quarter. Banque Cantonale Vaudoise increased its position in shares of Kellanova by 35.5% during the first quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock valued at $4,566,000 after acquiring an additional 20,866 shares during the last quarter. Finally, M&G Plc purchased a new stake in shares of Kellanova during the 1st quarter valued at $9,346,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

About Kellanova

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.