Kellanova (NYSE:K) Major Shareholder Sells $9,280,077.17 in Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $80.99, for a total value of $9,280,077.17. Following the completion of the transaction, the insider now directly owns 49,337,025 shares in the company, valued at approximately $3,995,805,654.75. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Kellanova Stock Performance

Shares of K stock traded down $0.10 on Friday, hitting $80.92. 237,962 shares of the stock were exchanged, compared to its average volume of 3,007,191. Kellanova has a one year low of $51.02 and a one year high of $81.34. The firm’s 50 day moving average is $80.76 and its two-hundred day moving average is $70.50. The firm has a market capitalization of $27.89 billion, a PE ratio of 27.82, a P/E/G ratio of 2.59 and a beta of 0.39. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 earnings per share. Sell-side analysts expect that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.82%. Kellanova’s payout ratio is 78.35%.

Institutional Investors Weigh In On Kellanova

Several institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in shares of Kellanova in the 3rd quarter worth approximately $374,000. Bard Financial Services Inc. bought a new position in Kellanova in the third quarter worth $272,000. Toronto Dominion Bank lifted its position in Kellanova by 5.1% during the third quarter. Toronto Dominion Bank now owns 178,845 shares of the company’s stock valued at $14,435,000 after buying an additional 8,686 shares during the period. Coldstream Capital Management Inc. bought a new stake in shares of Kellanova during the 3rd quarter valued at $394,000. Finally, Geode Capital Management LLC increased its stake in shares of Kellanova by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 6,725,532 shares of the company’s stock worth $541,052,000 after acquiring an additional 196,564 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on K. StockNews.com began coverage on shares of Kellanova in a research report on Wednesday. They set a “hold” rating on the stock. Evercore ISI upgraded Kellanova to a “hold” rating in a research note on Friday, August 2nd. Barclays raised their price target on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. The Goldman Sachs Group began coverage on shares of Kellanova in a research report on Monday, August 12th. They set a “neutral” rating and a $75.00 price objective for the company. Finally, Argus lowered shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Fifteen research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $76.35.

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.