Kellanova $K Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC cut its stake in shares of Kellanova (NYSE:K) by 15.3% in the second quarter, HoldingsChannel.com reports. The fund owned 114,710 shares of the company’s stock after selling 20,729 shares during the period. Wealthfront Advisers LLC’s holdings in Kellanova were worth $9,123,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Financial Network Wealth Advisors LLC acquired a new position in Kellanova during the first quarter worth $25,000. MorganRosel Wealth Management LLC acquired a new position in Kellanova during the first quarter worth $27,000. Trust Co. of Toledo NA OH acquired a new position in Kellanova during the second quarter worth $45,000. Dagco Inc. acquired a new position in Kellanova during the first quarter worth $49,000. Finally, Cypress Capital Management LLC WY acquired a new position in Kellanova during the first quarter worth $54,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Kellanova Trading Up 0.1%

Shares of K opened at $83.10 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a 12-month low of $76.48 and a 12-month high of $83.22. The firm has a 50-day moving average price of $80.59 and a 200 day moving average price of $80.84. The firm has a market capitalization of $28.89 billion, a P/E ratio of 21.81, a P/E/G ratio of 5.16 and a beta of 0.24.

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

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. Kellanova’s dividend payout ratio (DPR) is 60.89%.

Analysts Set New Price Targets

K has been the subject of a number of research reports. Weiss Ratings lowered shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 target price for the company. Finally, Wall Street Zen lowered shares of Kellanova from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $83.38.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the transaction, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 343,765 shares of company stock worth $27,455,360 over the last ninety days. Company insiders own 1.80% 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.