Truist Financial Corp Acquires 11,796 Shares of Kellanova (NYSE:K)

Truist Financial Corp boosted its stake in shares of Kellanova (NYSE:K) by 14.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,897 shares of the company’s stock after purchasing an additional 11,796 shares during the quarter. Truist Financial Corp’s holdings in Kellanova were worth $5,194,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Louisiana State Employees Retirement System acquired a new position in Kellanova in the 4th quarter valued at about $889,000. Comerica Bank acquired a new stake in Kellanova during the 3rd quarter worth approximately $4,974,000. Raymond James & Associates boosted its stake in Kellanova by 11.9% in the 4th quarter. Raymond James & Associates now owns 400,371 shares of the company’s stock valued at $22,385,000 after purchasing an additional 42,656 shares during the period. Soltis Investment Advisors LLC grew its holdings in Kellanova by 25.7% in the 3rd quarter. Soltis Investment Advisors LLC now owns 46,127 shares of the company’s stock valued at $2,745,000 after buying an additional 9,434 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its position in Kellanova by 29.0% during the 4th quarter. Handelsbanken Fonder AB now owns 180,783 shares of the company’s stock worth $10,108,000 after buying an additional 40,656 shares during the period. 83.87% of the stock is owned by institutional investors.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Friday, February 9th. The shares were sold at an average price of $53.62, for a total value of $4,171,636.00. Following the completion of the sale, the insider now owns 52,698,038 shares in the company, valued at approximately $2,825,668,797.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 933,600 shares of company stock valued at $51,891,044. 1.80% of the stock is currently owned by company insiders.

Kellanova Stock Down 1.3 %

Shares of NYSE:K opened at $60.51 on Monday. The firm has a market cap of $20.68 billion, a P/E ratio of 22.66, a P/E/G ratio of 2.32 and a beta of 0.39. The business has a fifty day simple moving average of $56.23 and a 200 day simple moving average of $54.65. The company has a quick ratio of 0.41, a current ratio of 0.62 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 announced its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. Kellanova’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 earnings per share. Analysts predict that Kellanova will post 3.58 earnings per share for the current year.

Kellanova Announces Dividend

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 issued 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 3.70%. Kellanova’s payout ratio is currently 83.90%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. DA Davidson began coverage on shares of Kellanova in a research note on Friday, March 1st. They issued a “buy” rating and a $67.00 price target on the stock. StockNews.com lowered shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Citigroup began coverage on shares of Kellanova in a research report on Thursday, February 1st. They issued a “neutral” rating and a $57.00 price target for the company. Piper Sandler boosted their price target on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Finally, JPMorgan Chase & Co. upped their target price on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Kellanova has an average rating of “Hold” and a consensus target price of $61.15.

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.