Greenleaf Trust Sells 4,724 Shares of Kellanova $K

Key Points

• Greenleaf Trust has reduced its holdings in Kellanova by 38.1% in the second quarter, selling 4,724 shares and leaving it with a total of 7,681 shares valued at approximately $611,000.
• The major shareholder, Kellogg W. K. Foundation Trust, sold 114,599 shares for over $9 million, marking a 0.25% decrease in their ownership.
• Kellanova recently announced a quarterly dividend increase to $0.58 per share, reflecting an annualized dividend yield of 2.8%.

Greenleaf Trust lowered its position in shares of Kellanova (NYSE:K - Free Report) by 38.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,681 shares of the company's stock after selling 4,724 shares during the period. Greenleaf Trust's holdings in Kellanova were worth $611,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Grove Bank & Trust bought a new stake in Kellanova during the 1st quarter worth $25,000. Financial Network Wealth Advisors LLC bought a new stake in Kellanova during the 1st quarter worth $25,000. MorganRosel Wealth Management LLC bought a new stake in Kellanova during the 1st quarter worth $27,000. EQ Wealth Advisors LLC bought a new stake in Kellanova during the 1st quarter worth $49,000. Finally, Dagco Inc. bought a new stake in Kellanova during the 1st quarter worth $49,000. Institutional investors own 83.87% of the company's stock.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the sale, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 802,097 shares of company stock worth $63,999,316. 1.80% of the stock is owned by corporate insiders.

Kellanova Trading Up 0.2%

NYSE K opened at $82.65 on Friday. The business's 50-day moving average price is $79.60 and its two-hundred day moving average price is $80.78. Kellanova has a 12 month low of $76.48 and a 12 month high of $83.22. The firm has a market capitalization of $28.73 billion, a PE ratio of 21.69, a price-to-earnings-growth ratio of 5.13 and a beta of 0.24. 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 (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.94 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 company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the firm posted $1.01 EPS. The company's quarterly revenue was up .3% on a year-over-year basis. On average, analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is currently 60.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on K shares. JPMorgan Chase & Co. started coverage on Kellanova in a research report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective on the stock. Wall Street Zen lowered 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, Based on data from MarketBeat, Kellanova has an average rating of "Hold" and a consensus target price 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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