Victory Capital Management Inc. Reduces Holdings in Kellanova (NYSE:K)

Victory Capital Management Inc. lowered its position in Kellanova (NYSE:K) by 1.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 503,009 shares of the company’s stock after selling 7,249 shares during the period. Victory Capital Management Inc.’s holdings in Kellanova were worth $28,123,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Oakworth Capital Inc. lifted its position in Kellanova by 491.3% during the third quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock worth $28,000 after buying an additional 393 shares in the last quarter. Baker Avenue Asset Management LP increased its stake in shares of Kellanova by 205.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock worth $30,000 after acquiring an additional 341 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Kellanova by 55.1% during the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after acquiring an additional 206 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Kellanova by 339.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,201 shares of the company’s stock valued at $67,000 after acquiring an additional 928 shares during the last quarter. Finally, Stonehage Fleming Financial Services Holdings Ltd grew its holdings in shares of Kellanova by 1,450.0% in the third quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 1,550 shares of the company’s stock valued at $92,000 after purchasing an additional 1,450 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Stock Performance

NYSE K opened at $61.64 on Wednesday. The company has a market cap of $21.07 billion, a P/E ratio of 23.09, a P/E/G ratio of 2.32 and a beta of 0.39. Kellanova has a 1-year low of $47.63 and a 1-year high of $71.53. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The stock has a 50-day moving average of $56.42 and a two-hundred day moving average of $54.80.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.10 earnings per share. As a group, analysts anticipate that Kellanova will post 3.58 EPS for the current year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s payout ratio is currently 83.90%.

Insider Activity

In other news, SVP Nicolas Amaya sold 9,800 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $53.67, for a total value of $4,175,526.00. Following the transaction, the insider now owns 52,620,238 shares of the company’s stock, valued at $2,824,128,173.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Nicolas Amaya sold 9,800 shares of Kellanova stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the sale, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,021,200 shares of company stock worth $57,219,110. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on K shares. StockNews.com downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Stifel Nicolaus upped their price objective on Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Wells Fargo & Company raised their target price on Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday, February 9th. Barclays upped their price target on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, DA Davidson started coverage on Kellanova in a research report on Friday, March 1st. They set a “buy” rating and a $67.00 price objective for the company. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $61.46.

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.