Kellanova (NYSE:K) Shares Sold by Axa S.A.

Axa S.A. trimmed its stake in shares of Kellanova (NYSE:K) by 19.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 210,643 shares of the company’s stock after selling 49,786 shares during the quarter. Axa S.A. owned about 0.06% of Kellanova worth $12,150,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Blue Trust Inc. lifted its holdings in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. Family Firm Inc. purchased a new position in Kellanova during the 2nd quarter worth $29,000. BNP Paribas purchased a new stake in shares of Kellanova in the first quarter valued at about $30,000. Ridgewood Investments LLC acquired a new position in shares of Kellanova during the second quarter worth about $39,000. Finally, YHB Investment Advisors Inc. acquired a new position in shares of Kellanova during the first quarter worth about $42,000. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Stock Up 0.1 %

Shares of NYSE:K opened at $80.76 on Friday. The company has a market capitalization of $27.61 billion, a P/E ratio of 30.25, a P/E/G ratio of 2.59 and a beta of 0.39. The stock’s fifty day simple moving average is $74.25 and its 200-day simple moving average is $63.74. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 earnings per share. As a group, equities research analysts forecast that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is currently 85.39%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.19, for a total transaction of $4,371,582.00. Following the completion of the transaction, the insider now owns 51,064,238 shares of the company’s stock, valued at approximately $2,869,299,533.22. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $80.68, for a total value of $9,244,556.44. Following the transaction, the insider now owns 50,253,689 shares in the company, valued at $4,054,467,628.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $56.19, for a total value of $4,371,582.00. Following the sale, the insider now owns 51,064,238 shares of the company’s stock, valued at $2,869,299,533.22. The disclosure for this sale can be found here. Insiders sold a total of 966,149 shares of company stock valued at $69,866,455 over the last quarter. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Piper Sandler lifted their price objective on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft raised their target price on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a report on Thursday, August 15th. The Goldman Sachs Group assumed coverage on shares of Kellanova in a research note on Monday, August 12th. They set a “neutral” rating and a $75.00 price target on the stock. Finally, Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and raised their price objective for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. Fourteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $74.32.

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.