Canada Pension Plan Investment Board Sells 14,616 Shares of Kellanova (NYSE:K)

Canada Pension Plan Investment Board cut its holdings in Kellanova (NYSE:KFree Report) by 3.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 386,253 shares of the company’s stock after selling 14,616 shares during the period. Canada Pension Plan Investment Board owned about 70.23% of Kellanova worth $22,986,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CGC Financial Services LLC acquired a new position in Kellanova during the second quarter worth $27,000. Sandy Spring Bank increased its holdings in Kellanova by 902.5% during the second quarter. Sandy Spring Bank now owns 401 shares of the company’s stock worth $27,000 after buying an additional 361 shares during the last quarter. RFP Financial Group LLC acquired a new position in Kellanova during the second quarter worth $30,000. Oakworth Capital Inc. increased its holdings in Kellanova by 491.3% during the third quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock worth $28,000 after buying an additional 393 shares during the last quarter. Finally, Spotlight Asset Group Inc. bought a new position in Kellanova during the second quarter worth $34,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $52.21, for a total value of $4,061,938.00. Following the completion of the sale, the insider now directly owns 53,398,238 shares of the company’s stock, valued at approximately $2,787,922,005.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 700,200 shares of company stock worth $37,956,286 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday. Morgan Stanley reduced their target price on shares of Kellanova from $68.00 to $57.00 and set an “equal weight” rating for the company in a research report on Thursday, November 9th. TheStreet cut shares of Kellanova from a “b-” rating to a “c+” rating in a research report on Wednesday, October 25th. JPMorgan Chase & Co. boosted their target price on shares of Kellanova from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Barclays raised shares of Kellanova from an “underweight” rating to an “equal weight” rating and reduced their target price for the company from $57.00 to $55.00 in a research report on Thursday, November 9th. Thirteen research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $61.36.

Read Our Latest Stock Report on Kellanova

Kellanova Stock Performance

Shares of K stock opened at $53.49 on Monday. The business’s 50 day simple moving average is $54.79 and its 200 day simple moving average is $56.02. Kellanova has a one year low of $47.63 and a one year high of $72.30. The stock has a market capitalization of $18.32 billion, a PE ratio of 19.45, a PEG ratio of 2.13 and a beta of 0.39. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.66 and a quick ratio of 0.41.

Kellanova (NYSE:KGet Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.07 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. As a group, research analysts forecast that Kellanova will post 3.58 earnings per share for the current year.

Kellanova Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Kellanova (NYSE:K)

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