Allspring Global Investments Holdings LLC Trims Position in Kellanova $K

Allspring Global Investments Holdings LLC lessened its holdings in shares of Kellanova (NYSE:K) by 1.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,319 shares of the company’s stock after selling 210 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kellanova were worth $984,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in K. GAMMA Investing LLC lifted its stake in shares of Kellanova by 2.8% during the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company’s stock worth $568,000 after purchasing an additional 186 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Kellanova by 22.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company’s stock worth $1,637,000 after buying an additional 3,665 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Kellanova by 0.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 40,733 shares of the company’s stock worth $3,360,000 after buying an additional 299 shares during the period. Legacy Advisors LLC raised its position in shares of Kellanova by 7.1% in the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company’s stock worth $222,000 after buying an additional 179 shares during the period. Finally, Spire Wealth Management raised its position in shares of Kellanova by 523.1% in the 1st quarter. Spire Wealth Management now owns 8,580 shares of the company’s stock worth $708,000 after buying an additional 7,203 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Trading Up 0.0%

NYSE:K opened at $83.01 on Thursday. The business’s 50-day moving average is $80.42 and its two-hundred day moving average is $80.83. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. Kellanova has a 12 month low of $76.48 and a 12 month high of $83.22. The firm has a market capitalization of $28.86 billion, a PE ratio of 21.79, a price-to-earnings-growth ratio of 5.16 and a beta of 0.24.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same period last year, the business earned $1.01 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts predict that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.8%. Kellanova’s dividend payout ratio is presently 60.89%.

Analyst Upgrades and Downgrades

K has been the topic of several research reports. Wall Street Zen lowered Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Weiss Ratings raised Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. initiated coverage on Kellanova in a research report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 target price on the stock. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $83.38.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the sale, the insider directly owned 45,097,438 shares of the company’s stock, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 458,348 shares of company stock worth $36,597,937 over the last 90 days. 1.80% of the stock is currently owned by insiders.

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.