Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 77,800 Shares of Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total value of $4,739,576.00. Following the completion of the transaction, the insider now owns 51,764,438 shares of the company’s stock, valued at approximately $3,153,489,562.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Kellanova Trading Up 1.1 %

Shares of K stock opened at $62.33 on Thursday. The stock has a 50 day simple moving average of $56.42 and a 200 day simple moving average of $54.80. Kellanova has a 1 year low of $47.63 and a 1 year high of $71.53. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The stock has a market cap of $21.31 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping 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 analysts’ expectations of $3.16 billion. During the same quarter last year, the business earned $1.10 earnings per share. Kellanova’s revenue was down 4.2% on a year-over-year basis. On average, research analysts predict that Kellanova will post 3.58 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Oakworth Capital Inc. raised its stake 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 acquiring an additional 393 shares in the last quarter. Bfsg LLC grew its holdings in shares of Kellanova by 64.5% during the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after purchasing an additional 200 shares during the last quarter. Baker Avenue Asset Management LP increased its position in Kellanova by 205.4% during the 3rd quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock worth $30,000 after purchasing an additional 341 shares in the last quarter. BNP Paribas bought a new position in Kellanova in the 1st quarter valued at approximately $30,000. Finally, Motco lifted its stake in Kellanova by 757.6% in the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on K shares. Wells Fargo & Company boosted 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. Barclays upped their price objective on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday. DA Davidson assumed coverage on Kellanova in a research note on Friday, March 1st. They issued a “buy” rating and a $67.00 price target on the stock. Citigroup started coverage on shares of Kellanova in a report on Thursday, February 1st. They issued a “neutral” rating and a $57.00 price objective on the stock. Finally, TD Cowen raised their target price on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $61.46.

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.