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

Sovereign Financial Group Inc. trimmed its stake in shares of Kellanova (NYSE:K) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 SEC filing.

A number of other institutional investors have also recently bought and sold shares of K. Naples Global Advisors LLC increased its stake in shares of Kellanova by 1.7% in the fourth quarter. Naples Global Advisors LLC now owns 11,696 shares of the company’s stock worth $654,000 after purchasing an additional 200 shares during the period. Huntington National Bank boosted its position in Kellanova by 1.6% in the 3rd quarter. Huntington National Bank now owns 12,808 shares of the company’s stock valued at $762,000 after buying an additional 204 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Kellanova by 0.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 30,836 shares of the company’s stock worth $1,835,000 after acquiring an additional 206 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Kellanova by 55.1% during the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after acquiring an additional 206 shares during the period. Finally, Kennedy Investment Group increased its position in Kellanova by 1.2% in the fourth quarter. Kennedy Investment Group now owns 18,520 shares of the company’s stock worth $1,035,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

K traded up $1.60 during trading hours on Tuesday, hitting $61.64. The company’s stock had a trading volume of 3,853,111 shares, compared to its average volume of 3,256,282. The stock has a market cap of $21.07 billion, a price-to-earnings ratio of 23.09, a P/E/G ratio of 2.32 and a beta of 0.39. The business’s 50-day moving average price is $56.42 and its 200-day moving average price is $54.80. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. Kellanova has a 12 month low of $47.63 and a 12 month high of $71.53.

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

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be paid a $0.56 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. Kellanova’s payout ratio is 83.90%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $53.62, for a total transaction of $4,171,636.00. Following the transaction, the insider now owns 52,698,038 shares of the company’s stock, valued at approximately $2,825,668,797.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 dated Friday, February 9th. The stock was sold at an average price of $53.62, for a total transaction of $4,171,636.00. Following the sale, the insider now owns 52,698,038 shares of the company’s stock, valued at $2,825,668,797.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $60.05, for a total transaction 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 $1,572,769.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,021,200 shares of company stock valued at $57,219,110. 1.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on K shares. JPMorgan Chase & Co. lifted their price objective on shares of Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research note on Friday. Stifel Nicolaus raised their price objective on shares of Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Barclays increased their price target on shares of Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday. DA Davidson initiated coverage on shares of Kellanova in a report on Friday, March 1st. They issued a “buy” rating and a $67.00 price objective for the company. Finally, Citigroup started coverage on Kellanova in a research note on Thursday, February 1st. They set a “neutral” rating and a $57.00 target price on the stock. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Kellanova has an average rating of “Hold” and a consensus 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.