Cantor Fitzgerald Investment Advisors L.P. Sells 131,363 Shares of Kellanova $K

Key Points

• Cantor Fitzgerald Investment Advisors L.P. reduced its stake in Kellanova by 77.8%, selling 131,363 shares during the 2nd quarter, now holding only 37,376 shares worth approximately $2.97 million.
• Kellanova recently announced an increase in its quarterly dividend to $0.58 per share, reflecting a 2.8% yield for investors, up from the previous $0.57 per share.
• Analyst ratings for Kellanova have been mixed, with JPMorgan Chase giving it a "neutral" rating and a target price of $83.50, while Wall Street Zen downgraded it from "hold" to "sell."

Cantor Fitzgerald Investment Advisors L.P. lessened its stake in shares of Kellanova (NYSE:K - Free Report) by 77.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,376 shares of the company's stock after selling 131,363 shares during the period. Cantor Fitzgerald Investment Advisors L.P.'s holdings in Kellanova were worth $2,973,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Counselors Inc. bought a new position in shares of Kellanova during the 1st quarter valued at about $522,000. IFM Investors Pty Ltd raised its position in shares of Kellanova by 11.6% during the 1st quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company's stock valued at $4,620,000 after buying an additional 5,957 shares in the last quarter. Syquant Capital Sas raised its position in shares of Kellanova by 123.6% during the 2nd quarter. Syquant Capital Sas now owns 1,143,568 shares of the company's stock valued at $90,948,000 after buying an additional 632,168 shares in the last quarter. Retirement Guys Formula LLC purchased a new stake in shares of Kellanova during the 1st quarter valued at about $934,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Kellanova by 12.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company's stock valued at $2,771,000 after buying an additional 3,747 shares in the last quarter. Institutional investors own 83.87% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a research report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 target price on the stock. Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $83.38.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm'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. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 802,097 shares of company stock worth $63,999,316 over the last 90 days. Company insiders own 1.80% of the company's stock.

Kellanova Stock Performance

Kellanova stock opened at $82.46 on Thursday. 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 1-year low of $76.48 and a 1-year high of $83.22. The firm has a market capitalization of $28.67 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 5.11 and a beta of 0.24. The company's 50-day moving average is $79.55 and its 200 day moving average is $80.78.

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

Kellanova Increases Dividend

The business 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. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Tuesday, September 2nd. Kellanova's dividend payout ratio is 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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