Candriam S.C.A. Sells 4,791 Shares of Kellanova $K

Key Points

• Candriam S.C.A. reduced its position in Kellanova shares by 15.2% during the 1st quarter, now holding 26,717 shares valued at approximately $2.2 million.
• Kellanova reported a quarterly earnings per share (EPS) of $0.94, missing analyst expectations by $0.05, despite revenue slightly exceeding projections at $3.20 billion.
• The company recently announced an increase in its quarterly dividend from $0.57 to $0.58, resulting in a dividend yield of 2.9% for shareholders.

Candriam S.C.A. decreased its position in shares of Kellanova (NYSE:K - Free Report) by 15.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 26,717 shares of the company's stock after selling 4,791 shares during the period. Candriam S.C.A.'s holdings in Kellanova were worth $2,204,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Grove Bank & Trust purchased a new position in Kellanova during the first quarter worth approximately $25,000. Financial Network Wealth Advisors LLC purchased a new position in Kellanova during the first quarter worth approximately $25,000. MorganRosel Wealth Management LLC purchased a new position in Kellanova during the first quarter worth approximately $27,000. Accredited Wealth Management LLC purchased a new position in Kellanova during the fourth quarter worth approximately $36,000. Finally, Minot DeBlois Advisors LLC purchased a new position in Kellanova during the fourth quarter worth approximately $42,000. Hedge funds and other institutional investors own 83.87% of the company's stock.

Kellanova Trading Down 0.1%

Shares of Kellanova stock traded down $0.09 during trading on Friday, hitting $79.39. The stock had a trading volume of 1,384,789 shares, compared to its average volume of 2,920,431. The stock has a 50 day simple moving average of $79.72 and a 200 day simple moving average of $81.33. The company has a market capitalization of $27.60 billion, a PE ratio of 20.84, a P/E/G ratio of 4.97 and a beta of 0.27. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business's revenue was up .3% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. On average, research analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced 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 an increase from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, September 2nd. Kellanova's payout ratio is 59.84%.

Analyst Upgrades and Downgrades

K has been the topic of a number of recent analyst reports. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a research note on Thursday, May 29th. JPMorgan Chase & Co. began coverage on shares of Kellanova in a research note on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price target on the stock. Finally, Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $83.38.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, 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 document filed with the SEC, which is accessible through the SEC website. Insiders have sold 1,260,429 shares of company stock valued at $100,650,980 over the last quarter. Company insiders own 1.80% of the company's stock.

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.