Allspring Global Investments Holdings LLC Decreases Stock Position in Kellanova (NYSE:K)

Allspring Global Investments Holdings LLC lessened its position in Kellanova (NYSE:K) by 31.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 361,623 shares of the company’s stock after selling 162,762 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.11% of Kellanova worth $20,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Comerica Bank purchased a new position in Kellanova during the third quarter worth approximately $4,974,000. Raymond James & Associates lifted its position in Kellanova by 11.9% during the fourth quarter. Raymond James & Associates now owns 400,371 shares of the company’s stock worth $22,385,000 after buying an additional 42,656 shares in the last quarter. Soltis Investment Advisors LLC lifted its position in Kellanova by 25.7% during the third quarter. Soltis Investment Advisors LLC now owns 46,127 shares of the company’s stock worth $2,745,000 after buying an additional 9,434 shares in the last quarter. CX Institutional lifted its position in Kellanova by 52.9% during the fourth quarter. CX Institutional now owns 59,975 shares of the company’s stock worth $3,353,000 after buying an additional 20,752 shares in the last quarter. Finally, Savoir Faire Capital Management L.P. purchased a new stake in Kellanova in the third quarter valued at $3,248,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on K. DA Davidson began coverage on Kellanova in a research report on Friday, March 1st. They issued a “buy” rating and a $67.00 target price on the stock. StockNews.com downgraded Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Piper Sandler lifted their target price on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Barclays lifted their target price on Kellanova from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. Finally, Citigroup started coverage on Kellanova in a research report on Thursday, February 1st. They issued a “neutral” rating and a $57.00 target price on the stock. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.27.

Kellanova Trading Down 1.3 %

K opened at $55.42 on Friday. Kellanova has a 12 month low of $47.63 and a 12 month high of $72.30. The stock has a market capitalization of $18.94 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 2.10 and a beta of 0.40. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.66 and a quick ratio of 0.41. The business has a fifty day moving average price of $55.41 and a 200 day moving average price of $54.06.

Kellanova (NYSE:K) last released its earnings results on Thursday, February 8th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. Kellanova’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. Sell-side analysts expect that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $2.24 annualized dividend and a dividend yield of 4.04%. Kellanova’s dividend payout ratio is currently 81.45%.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.59, for a total transaction of $4,169,302.00. Following the completion of the transaction, the insider now directly owns 52,853,638 shares of the company’s stock, valued at approximately $2,832,426,460.42. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 933,600 shares of company stock valued at $51,259,308. 1.80% of the stock is currently owned by corporate insiders.

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.