Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 77,800 Shares of Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total value of $5,757,978.00. Following the completion of the sale, the insider now owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Kellanova Stock Performance

Shares of NYSE K traded down $0.39 during trading hours on Wednesday, reaching $72.96. The stock had a trading volume of 4,821,069 shares, compared to its average volume of 2,943,050. The firm has a market cap of $24.94 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 2.22 and a beta of 0.34. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $75.40. The firm has a 50-day moving average of $58.77 and a 200-day moving average of $57.53. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. Kellanova’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. Equities research analysts predict that Kellanova will post 3.68 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.57 per share. The ex-dividend date is Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.13%. Kellanova’s dividend payout ratio is currently 85.39%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. lifted its holdings in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after buying an additional 170 shares during the period. Zhang Financial LLC lifted its holdings in Kellanova by 0.8% in the first quarter. Zhang Financial LLC now owns 21,318 shares of the company’s stock valued at $1,221,000 after acquiring an additional 176 shares during the period. IFG Advisory LLC boosted its position in shares of Kellanova by 1.4% during the 2nd quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock worth $797,000 after purchasing an additional 189 shares in the last quarter. Eukles Asset Management grew its stake in shares of Kellanova by 0.7% during the 2nd quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock worth $1,521,000 after purchasing an additional 193 shares during the period. Finally, Bfsg LLC increased its holdings in shares of Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after purchasing an additional 200 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

K has been the topic of several recent analyst reports. BNP Paribas upgraded shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price on the stock in a report on Monday. Piper Sandler raised their price objective on Kellanova from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. DA Davidson upped their target price on shares of Kellanova from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. lifted their target price on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company upped their price target on Kellanova from $62.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Eleven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kellanova presently has an average rating of “Hold” and a consensus target price of $66.93.

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.