Massachusetts Wealth Management Reduces Stock Position in Kellanova (NYSE:K)

Massachusetts Wealth Management lessened its holdings in Kellanova (NYSE:K) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,658 shares of the company’s stock after selling 525 shares during the quarter. Massachusetts Wealth Management’s holdings in Kellanova were worth $1,102,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of K. Ballentine Partners LLC purchased a new position in shares of Kellanova during the third quarter worth about $292,000. Element Wealth LLC purchased a new position in shares of Kellanova during the third quarter worth about $205,000. Assenagon Asset Management S.A. grew its holdings in shares of Kellanova by 2.8% during the third quarter. Assenagon Asset Management S.A. now owns 16,934 shares of the company’s stock worth $1,367,000 after purchasing an additional 457 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Kellanova by 2.7% during the third quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company’s stock worth $4,620,000 after purchasing an additional 1,484 shares during the last quarter. Finally, Beese Fulmer Investment Management Inc. purchased a new position in shares of Kellanova during the third quarter worth about $238,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

Shares of K stock traded down $0.15 during midday trading on Friday, reaching $80.88. 404,283 shares of the company traded hands, compared to its average volume of 3,087,856. The firm’s 50 day simple moving average is $80.58 and its two-hundred day simple moving average is $67.15. Kellanova has a 1-year low of $49.79 and a 1-year high of $81.26. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The firm has a market cap of $27.65 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period last year, the firm earned $1.25 EPS. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, equities research analysts expect that Kellanova will post 3.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on K. BNP Paribas raised Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price objective on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. increased their target price on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. StockNews.com started coverage on shares of Kellanova in a research note on Saturday, October 19th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Finally, Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $76.00 to $83.50 in a research note on Thursday, August 15th. Fifteen equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Kellanova currently has an average rating of “Hold” and a consensus target price of $74.32.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the transaction, the insider now directly owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total value of $5,757,978.00. Following the completion of the sale, the insider now directly owns 50,830,838 shares of the company’s stock, valued at approximately $3,761,990,320.38. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the completion of the sale, the insider now directly owns 50,368,272 shares of the company’s stock, valued at $4,062,201,136.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,191,081 shares of company stock valued at $93,637,014 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

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.