Focus Partners Wealth Sells 17,017 Shares of Kellanova $K

Key Points

• Focus Partners Wealth has reduced its stake in Kellanova by 11.0%, holding 137,267 shares valued at approximately $11.32 million as of the latest SEC filing.
• Kellanova declared a quarterly dividend increase to $0.58 per share, which will be paid on September 15th, representing an annualized yield of 2.9%.
• Despite recent share sales by major stakeholders, 83.87% of Kellanova's stock is currently owned by institutional investors and hedge funds.

Focus Partners Wealth cut its stake in Kellanova (NYSE:K - Free Report) by 11.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 137,267 shares of the company's stock after selling 17,017 shares during the period. Focus Partners Wealth's holdings in Kellanova were worth $11,323,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. NorthRock Partners LLC bought a new position in shares of Kellanova in the 4th quarter valued at about $858,000. Nissay Asset Management Corp Japan ADV raised its holdings in Kellanova by 1.8% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 33,854 shares of the company's stock worth $2,748,000 after acquiring an additional 614 shares in the last quarter. Mufg Securities Americas Inc. bought a new stake in Kellanova during the fourth quarter worth about $321,000. Quantinno Capital Management LP raised its holdings in Kellanova by 17.7% during the fourth quarter. Quantinno Capital Management LP now owns 114,744 shares of the company's stock worth $9,291,000 after acquiring an additional 17,240 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Kellanova by 11.9% during the fourth quarter. ProShare Advisors LLC now owns 41,861 shares of the company's stock worth $3,389,000 after acquiring an additional 4,464 shares in the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Stock Performance

NYSE:K traded down $0.36 during mid-day trading on Monday, hitting $79.07. The stock had a trading volume of 1,840,168 shares, compared to its average volume of 2,475,111. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. The stock has a market cap of $27.49 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 4.95 and a beta of 0.27. The company's 50 day simple moving average is $79.75 and its 200 day simple moving average is $81.05. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68.

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 the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business posted $1.01 earnings per share. On average, equities research analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, September 2nd. Kellanova's dividend payout ratio (DPR) is 60.89%.

Analyst Ratings Changes

Several research firms recently issued reports on K. Wall Street Zen upgraded Kellanova from a "sell" rating to a "hold" rating in a report on Saturday. JPMorgan Chase & Co. began coverage on Kellanova in a report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 target price on the stock. Finally, Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a report on Thursday, May 29th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $83.38.

Insider Transactions at Kellanova

In other Kellanova 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 completion of the sale, the insider directly owned 45,097,438 shares in the company, valued at $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 is available at this hyperlink. Insiders have sold 1,031,263 shares of company stock worth $82,079,367 in the last three months. Company insiders own 1.80% of the company's stock.

Kellanova Company 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.