Ledyard National Bank Has $287,000 Position in Kellanova (NYSE:K)

Ledyard National Bank raised its holdings in Kellanova (NYSE:K) by 6.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,263 shares of the company’s stock after acquiring an additional 263 shares during the quarter. Ledyard National Bank’s holdings in Kellanova were worth $287,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Handelsbanken Fonder AB increased its stake in shares of Kellanova by 3.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 157,032 shares of the company’s stock valued at $10,584,000 after acquiring an additional 5,578 shares during the last quarter. Citigroup Inc. increased its stake in Kellanova by 68.8% in the first quarter. Citigroup Inc. now owns 528,022 shares of the company’s stock valued at $35,356,000 after purchasing an additional 215,260 shares in the last quarter. Avantax Planning Partners Inc. acquired a new stake in Kellanova in the second quarter worth $257,000. Cambridge Investment Research Advisors Inc. boosted its position in shares of Kellanova by 8.2% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 69,031 shares of the company’s stock worth $4,653,000 after purchasing an additional 5,226 shares in the last quarter. Finally, ICA Group Wealth Management LLC grew its holdings in shares of Kellanova by 26.8% in the 1st quarter. ICA Group Wealth Management LLC now owns 10,065 shares of the company’s stock valued at $674,000 after buying an additional 2,125 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Stock Up 0.2 %

Shares of NYSE:K traded up $0.08 during midday trading on Thursday, reaching $52.38. The company had a trading volume of 401,859 shares, compared to its average volume of 2,412,652. Kellanova has a 1-year low of $47.63 and a 1-year high of $74.72. The stock has a market cap of $28.91 million, a PE ratio of 21.95, a P/E/G ratio of 2.75 and a beta of 0.42. The company has a quick ratio of 0.51, a current ratio of 0.76 and a debt-to-equity ratio of 1.29. The business’s 50 day moving average price is $53.95 and its 200 day moving average price is $61.93.

Kellanova (NYSE:K) last posted its quarterly earnings results on Wednesday, November 8th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.12. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $4.04 billion. Kellanova had a net margin of 5.21% and a return on equity of 34.38%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. Research analysts forecast that Kellanova will post 3.95 EPS for the current fiscal year.

Kellanova Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.56 dividend. The ex-dividend date is Monday, October 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 4.28%. Kellanova’s dividend payout ratio (DPR) is currently 94.12%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $59.42, for a total transaction of $4,622,876.00. Following the completion of the transaction, the insider now directly owns 54,254,038 shares in the company, valued at $3,223,774,937.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $59.42, for a total value of $4,622,876.00. Following the completion of the transaction, the insider now owns 54,254,038 shares in the company, valued at approximately $3,223,774,937.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $61.10, for a total transaction of $6,110,000.00. Following the sale, the insider now directly owns 54,331,838 shares in the company, valued at $3,319,675,301.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 800,200 shares of company stock worth $44,259,230. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

K has been the topic of several research analyst reports. The Goldman Sachs Group reduced their target price on Kellanova from $82.00 to $73.00 and set a “buy” rating on the stock in a report on Tuesday, October 3rd. TD Cowen initiated coverage on Kellanova in a report on Wednesday, September 13th. They set a “market perform” rating and a $63.00 price objective on the stock. TheStreet cut Kellanova from a “b-” rating to a “c+” rating in a research note on Wednesday, October 25th. StockNews.com lowered shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Saturday, October 14th. Finally, Piper Sandler lowered their price objective on shares of Kellanova from $72.00 to $57.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Twelve 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, Kellanova has a consensus rating of “Hold” and an average target price of $63.54.

About Kellanova

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, Asia, the Middle East, 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.