Erste Asset Management GmbH Sells 103,600 Shares of Kellanova $K

Key Points

• Erste Asset Management GmbH drastically reduced its holdings in Kellanova by 98.7%, selling 103,600 shares and now owning only 1,350 shares valued at $111,000.
• Several large investors, including Pinnacle Associates Ltd. and Independent Advisor Alliance, have increased their positions in Kellanova, demonstrating continued interest despite Erste's sell-off.
• Kellanova recently declared a quarterly dividend of $0.58 per share, slightly increasing from the previous $0.57, indicating a positive trend in their dividend policy.

Erste Asset Management GmbH lessened its holdings in shares of Kellanova (NYSE:K - Free Report) by 98.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,350 shares of the company's stock after selling 103,600 shares during the period. Erste Asset Management GmbH's holdings in Kellanova were worth $111,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Pinnacle Associates Ltd. grew its holdings in shares of Kellanova by 2.0% during the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after purchasing an additional 123 shares during the last quarter. Independent Advisor Alliance boosted its holdings in Kellanova by 1.8% in the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock valued at $605,000 after acquiring an additional 131 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Kellanova by 1.3% in the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock valued at $860,000 after acquiring an additional 132 shares during the last quarter. Legacy Advisors LLC boosted its holdings in Kellanova by 7.1% in the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after acquiring an additional 179 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in Kellanova by 6.0% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock valued at $271,000 after acquiring an additional 185 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Wall Street Analyst Weigh In

K has been the topic of several recent research reports. JPMorgan Chase & Co. initiated coverage on Kellanova in a report on Wednesday. They issued a "neutral" rating and a $83.50 price target on the stock. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. Finally, Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Six research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $83.40.

Kellanova Price Performance

Shares of K opened at $80.1150 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.45 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. The stock has a market cap of $27.85 billion, a P/E ratio of 21.03, a price-to-earnings-growth ratio of 4.96 and a beta of 0.27. The stock's 50-day moving average price is $79.70 and its two-hundred day moving average price is $81.40.

Kellanova (NYSE:K - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) 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 company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the business posted $1.01 EPS. Kellanova's quarterly revenue was up .3% on a year-over-year basis. On average, equities analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is currently 59.84%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $79.98, for a total transaction of $9,164,348.34. Following the sale, the insider owned 45,212,037 shares of the company's stock, valued at $3,616,058,719.26. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 1,260,413 shares of company stock worth $100,975,123 over the last quarter. Company insiders own 1.80% of the company's stock.

Kellanova 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.

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