Wallace Capital Management Inc. Acquires Shares of 2,668 Kellanova (NYSE:K)

Wallace Capital Management Inc. bought a new position in Kellanova (NYSE:K) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,668 shares of the company’s stock, valued at approximately $215,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. increased its stake in Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after acquiring an additional 170 shares during the last quarter. Family Firm Inc. purchased a new position in shares of Kellanova during the second quarter valued at approximately $29,000. CVA Family Office LLC grew its position in Kellanova by 529.3% in the 3rd quarter. CVA Family Office LLC now owns 365 shares of the company’s stock valued at $29,000 after acquiring an additional 307 shares during the last quarter. Newbridge Financial Services Group Inc. grew its position in Kellanova by 61.9% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after acquiring an additional 200 shares during the last quarter. Finally, MCF Advisors LLC lifted its holdings in Kellanova by 48.8% during the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock valued at $34,000 after buying an additional 137 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. DA Davidson cut shares of Kellanova from a “buy” rating to a “neutral” rating and upped their price target for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. BNP Paribas lowered shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target on the stock. in a report on Friday, November 1st. StockNews.com assumed coverage on Kellanova in a report on Friday. They set a “hold” rating for the company. Piper Sandler raised their price objective on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company upped their target price on Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $76.35.

Kellanova Stock Up 0.4 %

Kellanova stock opened at $80.78 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. The stock has a market capitalization of $27.84 billion, a PE ratio of 27.76, a price-to-earnings-growth ratio of 2.59 and a beta of 0.38. The business has a 50 day simple moving average of $80.82 and a 200-day simple moving average of $71.84. Kellanova has a 12 month low of $52.46 and a 12 month high of $81.34.

Kellanova (NYSE:K) last announced its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the business earned $1.03 earnings per share. On average, analysts anticipate that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 annualized dividend and a dividend yield of 2.82%. Kellanova’s dividend payout ratio is presently 78.35%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $80.65, for a total value of $9,241,118.95. Following the sale, the insider now directly owns 50,368,272 shares in the company, valued at approximately $4,062,201,136.80. The trade was a 0.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 1,145,830 shares of company stock worth $92,516,606. 1.80% of the stock is owned by corporate insiders.

About Kellanova

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.