Kellanova (NYSE:K) Position Cut by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. lowered its position in shares of Kellanova (NYSE:K) by 3.0% in the 4th quarter, Holdings Channel reports. The fund owned 8,860 shares of the company’s stock after selling 275 shares during the period. Sovereign Financial Group Inc.’s holdings in Kellanova were worth $495,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Oakworth Capital Inc. lifted its holdings in Kellanova by 491.3% in the third quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock worth $28,000 after purchasing an additional 393 shares during the period. Baker Avenue Asset Management LP increased its stake in shares of Kellanova by 205.4% during the third quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock valued at $30,000 after acquiring an additional 341 shares during the period. Blue Trust Inc. raised its holdings in Kellanova by 55.1% during the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after purchasing an additional 206 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Kellanova by 339.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,201 shares of the company’s stock worth $67,000 after purchasing an additional 928 shares during the period. Finally, Stonehage Fleming Financial Services Holdings Ltd boosted its stake in Kellanova by 1,450.0% during the 3rd quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 1,550 shares of the company’s stock valued at $92,000 after purchasing an additional 1,450 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on K shares. StockNews.com cut Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Wells Fargo & Company lifted their price objective on shares of Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday, February 9th. DA Davidson started coverage on shares of Kellanova in a research note on Friday, March 1st. They set a “buy” rating and a $67.00 target price for the company. TD Cowen lifted their price target on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research report on Friday. Finally, Barclays raised their price objective on Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Kellanova presently has a consensus rating of “Hold” and a consensus price target of $61.46.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total value of $4,739,576.00. Following the transaction, the insider now directly owns 51,764,438 shares of the company’s stock, valued at approximately $3,153,489,562.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Nicolas Amaya sold 9,800 shares of Kellanova stock in a transaction on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the sale, the senior vice president now owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the transaction, the insider now directly owns 51,764,438 shares in the company, valued at $3,153,489,562.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,021,200 shares of company stock valued at $57,219,110. 1.80% of the stock is owned by insiders.

Kellanova Stock Up 2.7 %

NYSE:K traded up $1.60 during trading hours on Tuesday, hitting $61.64. 3,853,111 shares of the company’s stock traded hands, compared to its average volume of 3,256,282. Kellanova has a twelve month low of $47.63 and a twelve month high of $71.53. The firm has a market cap of $21.07 billion, a P/E ratio of 23.09, a P/E/G ratio of 2.32 and a beta of 0.39. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. The stock’s fifty day moving average price is $56.42 and its two-hundred day moving average price is $54.80.

Kellanova (NYSE:K) last issued its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the company earned $1.10 EPS. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. On average, research analysts expect that Kellanova will post 3.58 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s dividend payout ratio is currently 83.90%.

Kellanova Company 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.