Raymond James Trust N.A. Cuts Holdings in Kellanova (NYSE:K)

Raymond James Trust N.A. reduced its position in shares of Kellanova (NYSE:K) by 14.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,552 shares of the company’s stock after selling 2,374 shares during the quarter. Raymond James Trust N.A.’s holdings in Kellanova were worth $1,174,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of K. D. E. Shaw & Co. Inc. raised its position 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 during the period. Maverick Capital Ltd. acquired a new stake in Kellanova in the 2nd quarter worth about $88,065,000. Point72 Asset Management L.P. purchased a new stake in Kellanova during the 2nd quarter worth approximately $63,585,000. Boston Partners lifted its position in shares of Kellanova by 117.1% in the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock valued at $73,221,000 after acquiring an additional 689,395 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Kellanova by 130.1% in the second quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock worth $62,122,000 after acquiring an additional 608,989 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on K shares. Barclays increased their target price on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Piper Sandler raised their target price on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. StockNews.com assumed coverage on Kellanova in a research report on Wednesday, November 20th. They issued a “hold” rating for the company. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Fifteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Kellanova currently has an average rating of “Hold” and a consensus target price of $76.35.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $80.99, for a total value of $9,280,077.17. Following the sale, the insider now owns 49,337,025 shares of the company’s stock, valued at $3,995,805,654.75. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 1,109,047 shares of company stock worth $89,483,556 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Kellanova Price Performance

K stock opened at $81.17 on Monday. The business’s fifty day moving average price is $80.77 and its 200 day moving average price is $70.72. Kellanova has a 12-month low of $51.02 and a 12-month high of $81.34. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $27.98 billion, a PE ratio of 27.89, a P/E/G ratio of 2.60 and a beta of 0.39.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the firm earned $1.03 earnings per share. The business’s revenue for the quarter was down .7% compared to the same quarter last year. On average, sell-side analysts anticipate that Kellanova will post 3.74 EPS for the current year.

Kellanova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be given a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.81%. Kellanova’s dividend payout ratio is presently 78.35%.

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.