LRI Investments LLC Lowers Stake in Kellanova $K

LRI Investments LLC reduced its stake in shares of Kellanova (NYSE:K) by 3.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,874 shares of the company’s stock after selling 200 shares during the quarter. LRI Investments LLC’s holdings in Kellanova were worth $388,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Kellanova by 2.8% during the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company’s stock worth $568,000 after acquiring an additional 186 shares in the last quarter. Fifth Third Bancorp grew its holdings in Kellanova by 1.1% during the 1st quarter. Fifth Third Bancorp now owns 18,264 shares of the company’s stock worth $1,507,000 after acquiring an additional 204 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Kellanova by 22.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company’s stock worth $1,637,000 after acquiring an additional 3,665 shares in the last quarter. Grove Bank & Trust bought a new position in Kellanova during the 1st quarter worth about $25,000. Finally, State of Alaska Department of Revenue grew its holdings in Kellanova by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 31,506 shares of the company’s stock worth $2,598,000 after acquiring an additional 850 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Weiss Ratings upgraded shares of Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 target price for the company. Finally, Wall Street Zen cut shares of Kellanova from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $83.38.

Kellanova Price Performance

NYSE:K opened at $82.85 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The firm has a market cap of $28.80 billion, a price-to-earnings ratio of 21.75, a price-to-earnings-growth ratio of 5.16 and a beta of 0.24. The company has a 50 day moving average price of $79.95 and a 200-day moving average price of $80.78. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.22.

Kellanova (NYSE:K) last posted its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. Kellanova’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $1.01 earnings per share. Equities research analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a boost from Kellanova’s previous quarterly dividend of $0.57. Kellanova’s payout ratio is presently 60.89%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the sale, the insider owned 45,097,438 shares of the company’s stock, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 572,931 shares of company stock valued at $45,755,411. 1.80% of the stock is currently owned by 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.