Kennedy Investment Group Sells 1,585 Shares of Kellanova (NYSE:K)

Kennedy Investment Group lessened its stake in Kellanova (NYSE:K) by 9.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,965 shares of the company’s stock after selling 1,585 shares during the quarter. Kennedy Investment Group’s holdings in Kellanova were worth $1,289,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. D. E. Shaw & Co. Inc. raised its stake in Kellanova by 766.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after acquiring an additional 1,664,461 shares in the last quarter. Maverick Capital Ltd. acquired a new position in Kellanova in the 2nd quarter worth about $88,065,000. Point72 Asset Management L.P. bought a new position in Kellanova in the second quarter valued at about $63,585,000. Boston Partners boosted its stake in shares of Kellanova by 117.1% during the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock valued at $73,221,000 after purchasing an additional 689,395 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Kellanova by 130.1% during the second quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock worth $62,122,000 after purchasing an additional 608,989 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Wednesday, August 7th. The stock was 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 directly owns 50,830,838 shares of the company’s stock, valued at approximately $3,761,990,320.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $74.01, for a total value of $5,757,978.00. Following the transaction, the insider now owns 50,830,838 shares in the company, valued at $3,761,990,320.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $80.72, for a total value of $9,249,139.76. Following the completion of the transaction, the insider now directly owns 50,139,106 shares of the company’s stock, valued at approximately $4,047,228,636.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,076,498 shares of company stock valued at $84,360,375. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on K shares. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a research report on Friday, August 2nd. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Barclays increased their price objective on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Royal Bank of Canada downgraded Kellanova from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Finally, Wells Fargo & Company increased their price target on Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Fifteen analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $74.32.

Kellanova Stock Down 0.0 %

K traded down $0.02 during midday trading on Monday, hitting $81.03. The company had a trading volume of 1,493,261 shares, compared to its average volume of 3,118,770. The stock’s 50 day moving average price is $80.19 and its 200 day moving average price is $66.65. Kellanova has a 52 week low of $49.28 and a 52 week high of $81.21. The company has a market capitalization of $27.70 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 2.59 and a beta of 0.39. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last posted 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. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the business earned $1.25 EPS. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, research analysts anticipate that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 2.81%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is 85.39%.

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.