Kellanova $K Shares Sold by Gamco Investors INC. ET AL

Key Points

• Gamco Investors INC. ET AL reduced its stake in Kellanova by 93.1% in the first quarter, now holding only 6,000 shares after selling 81,188 shares.
• Kellanova's quarterly dividend increased to $0.58, up from $0.57, with an annualized yield of 2.9%.
• Recent analyst ratings for Kellanova include a downgrade to "sell" by Wall Street Zen, while JPMorgan and Citigroup set a price target of $83.50.

Gamco Investors INC. ET AL reduced its holdings in Kellanova (NYSE:K - Free Report) by 93.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,000 shares of the company's stock after selling 81,188 shares during the period. Gamco Investors INC. ET AL's holdings in Kellanova were worth $495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of K. Grove Bank & Trust acquired a new stake in Kellanova in the 1st quarter valued at about $25,000. Financial Network Wealth Advisors LLC purchased a new stake in shares of Kellanova in the first quarter valued at approximately $25,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Kellanova in the first quarter valued at 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. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Kellanova Trading Up 0.7%

Shares of Kellanova stock traded up $0.54 on Thursday, reaching $79.58. The company had a trading volume of 3,541,431 shares, compared to its average volume of 2,934,204. The firm's 50 day moving average price is $79.78 and its two-hundred day moving average price is $81.25. 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 has a 52-week low of $77.70 and a 52-week high of $83.22. The firm has a market cap of $27.67 billion, a PE ratio of 20.89, a PEG ratio of 4.95 and a beta of 0.27.

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

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This is a positive change from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, September 2nd. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova's dividend payout ratio (DPR) is 59.84%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on K shares. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 target price for the company in a report on Thursday, May 29th. JPMorgan Chase & Co. began coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price objective for the company. Finally, Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $83.38.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 1,260,429 shares of company stock valued at $100,650,980. 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.