Mogy Joel R Investment Counsel Inc. Sells 1,700 Shares of Kellanova (NYSE:K)

Mogy Joel R Investment Counsel Inc. reduced its holdings in shares of Kellanova (NYSE:K) by 36.2% during the first quarter, Holdings Channel reports. The fund owned 3,000 shares of the company’s stock after selling 1,700 shares during the period. Mogy Joel R Investment Counsel Inc.’s holdings in Kellanova were worth $247,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of K. Stonebridge Financial Group LLC purchased a new position in shares of Kellanova in the fourth quarter worth about $27,000. BankPlus Trust Department bought a new position in Kellanova during the 4th quarter worth approximately $28,000. Rialto Wealth Management LLC bought a new position in Kellanova during the 4th quarter worth approximately $32,000. Flagship Wealth Advisors LLC purchased a new position in Kellanova in the 4th quarter worth approximately $32,000. Finally, First Horizon Advisors Inc. increased its stake in Kellanova by 64.8% in the 4th quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock worth $36,000 after purchasing an additional 173 shares during the period. 83.87% of the stock is currently owned by institutional investors.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $82.56, for a total value of $9,459,972.48. Following the sale, the insider now owns 46,816,199 shares in the company, valued at approximately $3,865,145,389.44. This represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,374,996 shares of company stock worth $113,099,150 in the last quarter. 1.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Wall Street Zen lowered Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. Royal Bank of Canada lowered shares of Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. Finally, Citigroup raised shares of Kellanova to a “neutral” rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Kellanova has an average rating of “Hold” and a consensus target price of $79.75.

Kellanova Stock Performance

NYSE:K opened at $81.58 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. The firm’s fifty day simple moving average is $82.29 and its 200 day simple moving average is $81.91. The stock has a market cap of $28.30 billion, a P/E ratio of 21.08, a price-to-earnings-growth ratio of 4.21 and a beta of 0.30. Kellanova has a twelve month low of $55.96 and a twelve month high of $83.22.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.11). The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. Kellanova’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. As a group, research analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Monday, June 2nd will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.79%. Kellanova’s payout ratio is presently 57.58%.

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.