Chevy Chase Trust Holdings LLC Purchases 1,007 Shares of Kellanova $K

Chevy Chase Trust Holdings LLC increased its position in Kellanova (NYSE:K) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 142,613 shares of the company’s stock after buying an additional 1,007 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Kellanova were worth $11,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of K. Financial Network Wealth Advisors LLC bought a new stake in Kellanova in the first quarter valued at approximately $25,000. MorganRosel Wealth Management LLC bought a new stake in Kellanova in the first quarter valued at approximately $27,000. Trust Co. of Toledo NA OH bought a new stake in Kellanova in the second quarter valued at approximately $45,000. EQ Wealth Advisors LLC bought a new stake in Kellanova in the first quarter valued at approximately $49,000. Finally, Dagco Inc. bought a new stake in Kellanova in the first quarter valued at approximately $49,000. Institutional investors own 83.87% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on K. Wall Street Zen downgraded Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. JPMorgan Chase & Co. assumed coverage on Kellanova in a research report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 price objective for the company. Finally, Weiss Ratings raised Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Kellanova presently has a consensus rating of “Hold” and an average target price of $83.38.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the sale, the insider directly owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 458,348 shares of company stock valued at $36,597,937 over the last 90 days. 1.80% of the stock is owned by corporate insiders.

Kellanova Price Performance

K opened at $83.09 on Monday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. Kellanova has a 52-week low of $76.48 and a 52-week high of $83.22. The stock has a market capitalization of $28.89 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 5.16 and a beta of 0.24. The stock’s 50 day moving average price is $80.25 and its 200-day moving average price is $80.79.

Kellanova (NYSE:K) last posted its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.05). The business 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 quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm posted $1.01 earnings per share. On average, equities research analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

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

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.