Bristlecone Advisors LLC Sells 12,752 Shares of Kellanova (NYSE:K)

Key Points

• Bristlecone Advisors LLC has reduced its holdings in Kellanova (NYSE: K) by 23.2%, selling 12,752 shares during the first quarter, leaving them with 42,286 shares valued at approximately $3.48 million.
• Kellanova's stock has recently received mixed ratings; Wall Street Zen downgraded it to a "hold" while Citigroup raised its rating to "neutral" with a price target of $83.50.
• The company declared a quarterly dividend of $0.58, representing a slight increase from the previous quarter, with a current dividend yield of 2.9%.

Bristlecone Advisors LLC reduced its holdings in Kellanova (NYSE:K - Free Report) by 23.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,286 shares of the company's stock after selling 12,752 shares during the quarter. Bristlecone Advisors LLC's holdings in Kellanova were worth $3,488,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in K. Grove Bank & Trust purchased a new position in Kellanova during the first quarter valued at $25,000. MorganRosel Wealth Management LLC purchased a new position in Kellanova during the first quarter valued at $27,000. Accredited Wealth Management LLC purchased a new position in Kellanova during the fourth quarter valued at $36,000. Minot DeBlois Advisors LLC purchased a new position in Kellanova during the fourth quarter valued at $42,000. Finally, EQ Wealth Advisors LLC purchased a new position in Kellanova during the first quarter valued at $49,000. 83.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a report on Thursday, May 29th. Twelve equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Kellanova currently has a consensus rating of "Hold" and an average price target of $81.80.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $79.79, for a total value of $9,142,577.57. Following the sale, the insider owned 45,555,786 shares in the company, valued at $3,634,896,164.94. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 1,260,413 shares of company stock valued at $101,431,163. Insiders own 1.80% of the company's stock.

Kellanova Price Performance

K opened at $80.08 on Friday. The stock has a fifty day simple moving average of $80.04 and a two-hundred day simple moving average of $81.52. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The company has a market cap of $27.84 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 4.95 and a beta of 0.27. Kellanova has a 12-month low of $72.27 and a 12-month high of $83.22.

Kellanova (NYSE:K - Get Free Report) 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). The business had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. Research analysts predict that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is presently 60.89%.

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.

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