Peapack Gladstone Financial Corp Has $6.58 Million Stake in Kellanova (NYSE:K)

Peapack Gladstone Financial Corp reduced its stake in Kellanova (NYSE:K) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,315 shares of the company’s stock after selling 314 shares during the period. Peapack Gladstone Financial Corp’s holdings in Kellanova were worth $6,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Kellanova by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company’s stock worth $2,626,322,000 after purchasing an additional 281,137 shares in the last quarter. State Street Corp increased its stake in shares of Kellanova by 5.2% in the third quarter. State Street Corp now owns 14,725,420 shares of the company’s stock valued at $1,188,489,000 after buying an additional 731,273 shares during the period. Geode Capital Management LLC raised its holdings in Kellanova by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company’s stock valued at $556,014,000 after buying an additional 158,560 shares during the last quarter. Norges Bank acquired a new stake in Kellanova during the 4th quarter worth approximately $285,126,000. Finally, Franklin Resources Inc. grew its holdings in Kellanova by 869.5% during the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company’s stock worth $208,826,000 after acquiring an additional 2,313,047 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on K shares. Royal Bank of Canada lowered shares of Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. StockNews.com initiated coverage on Kellanova in a report on Saturday. They set a “hold” rating on the stock. Fourteen research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $77.96.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $81.42, for a total value of $9,329,347.86. Following the sale, the insider now owns 48,534,944 shares in the company, valued at $3,951,715,140.48. This represents a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 1,260,413 shares of company stock valued at $103,473,032. Company insiders own 1.80% of the company’s stock.

Kellanova Price Performance

Shares of K opened at $82.25 on Monday. The firm has a market cap of $28.39 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 4.21 and a beta of 0.34. Kellanova has a 52-week low of $55.01 and a 52-week high of $83.22. The business’s 50 day moving average price is $82.31 and its two-hundred day moving average price is $81.40. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81.

Kellanova (NYSE:K) last released its earnings results on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.61. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. On average, equities analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were issued a $0.57 dividend. The ex-dividend date was Monday, March 3rd. This represents a $2.28 annualized dividend and a yield of 2.77%. Kellanova’s payout ratio is currently 58.91%.

Kellanova 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.