CIBC Asset Management Inc Has $2.58 Million Position in Kellanova (NYSE:K)

CIBC Asset Management Inc cut its holdings in shares of Kellanova (NYSE:KFree Report) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,141 shares of the company’s stock after selling 2,289 shares during the quarter. CIBC Asset Management Inc’s holdings in Kellanova were worth $2,580,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Baker Avenue Asset Management LP grew its holdings in Kellanova by 205.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock valued at $30,000 after buying an additional 341 shares in the last quarter. Motco grew its holdings in Kellanova by 757.6% in the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after buying an additional 500 shares in the last quarter. Blue Trust Inc. grew its holdings in Kellanova by 55.1% in the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after buying an additional 206 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Kellanova by 139.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares in the last quarter. Finally, Northwest Financial Advisors acquired a new position in Kellanova in the 4th quarter valued at $42,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the transaction, the insider now directly owns 51,686,638 shares in the company, valued at $3,220,594,413.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Nicolas Amaya sold 9,800 shares of the 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 completion of the sale, the senior vice president now owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the sale, the insider now directly owns 51,686,638 shares of the company’s stock, valued at approximately $3,220,594,413.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 865,600 shares of company stock worth $50,366,486. 1.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

K has been the topic of a number of research reports. DA Davidson upped their price objective on Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 9th. JPMorgan Chase & Co. upped their target price on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research report on Friday, May 3rd. Piper Sandler upped 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. TD Cowen upped their target price on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, Barclays upped their target price on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. Twelve equities 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, the company currently has an average rating of “Hold” and an average target price of $61.85.

Read Our Latest Report on K

Kellanova Price Performance

Shares of K stock opened at $59.63 on Friday. 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 twelve month low of $47.63 and a twelve month high of $68.69. The company has a market cap of $20.39 billion, a P/E ratio of 22.33, a P/E/G ratio of 2.12 and a beta of 0.35. The business has a fifty day simple moving average of $59.25 and a 200 day simple moving average of $56.29.

Kellanova (NYSE:KGet Free Report) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the company earned $1.10 earnings per share. On average, sell-side analysts forecast that Kellanova will post 3.62 EPS for the current fiscal year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be given a $0.56 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 annualized dividend and a yield of 3.76%. Kellanova’s dividend payout ratio is presently 83.90%.

About Kellanova

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Kellanova (NYSE:K)

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