Generali Asset Management SPA SGR Sells 11,600 Shares of Kellanova $K

Key Points

• Generali Asset Management SPA SGR reduced its share stake in Kellanova by 17.7%, selling 11,600 shares and now holding 53,869 shares valued at approximately $4.28 million.
• Kellanova recently declared a quarterly dividend increase to $0.58 from the previous $0.57, resulting in an annualized dividend yield of 2.8%.
• Wall Street analysts have mixed views, with some downgrading Kellanova to a sell rating while others raised it to a buy, showing a consensus rating of "Hold".

Generali Asset Management SPA SGR lessened its stake in shares of Kellanova (NYSE:K - Free Report) by 17.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,869 shares of the company's stock after selling 11,600 shares during the period. Generali Asset Management SPA SGR's holdings in Kellanova were worth $4,284,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in shares of Kellanova by 2.8% in the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock valued at $568,000 after acquiring an additional 186 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Kellanova by 22.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company's stock valued at $1,637,000 after acquiring an additional 3,665 shares during the last quarter. Grove Bank & Trust bought a new position in shares of Kellanova in the 1st quarter valued at about $25,000. State of Alaska Department of Revenue lifted its holdings in shares of Kellanova by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 31,506 shares of the company's stock valued at $2,598,000 after acquiring an additional 850 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Kellanova in the 1st quarter valued at about $91,000. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Performance

Shares of K stock opened at $82.80 on Thursday. The firm has a market cap of $28.79 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 5.16 and a beta of 0.24. The company's 50 day moving average is $80.13 and its 200 day moving average is $80.81. 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 52-week low of $76.48 and a 52-week high of $83.22.

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

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.58 dividend. This is an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. Kellanova's dividend payout ratio is presently 60.89%.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 572,931 shares of company stock valued at $45,755,411 over the last 90 days. 1.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on K. Wall Street Zen downgraded shares of Kellanova from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Weiss Ratings raised shares of Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price objective for the company. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $83.38.

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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