Gulf International Bank UK Ltd Sells 4,772 Shares of Kellanova $K

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Kellanova by 22.2% during the first quarter, selling 4,772 shares and leaving it with 16,685 shares worth approximately $1.38 million.
• Kellanova recently increased its quarterly dividend to $0.58, a rise from $0.57, which brings its annualized dividend to $2.32 with a yield of 2.9%.
• In its latest earnings report, Kellanova missed earnings per share estimates, posting $0.94 against a consensus of $0.99, while revenue was slightly above expectations at $3.20 billion.

Gulf International Bank UK Ltd cut its stake in Kellanova (NYSE:K - Free Report) by 22.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,685 shares of the company's stock after selling 4,772 shares during the period. Gulf International Bank UK Ltd's holdings in Kellanova were worth $1,376,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Grove Bank & Trust acquired a new stake in Kellanova during the first quarter valued at approximately $25,000. MorganRosel Wealth Management LLC acquired a new stake in Kellanova during the first quarter valued at approximately $27,000. Accredited Wealth Management LLC acquired a new stake in Kellanova during the fourth quarter valued at approximately $36,000. Minot DeBlois Advisors LLC acquired a new stake in Kellanova during the fourth quarter valued at approximately $42,000. Finally, EQ Wealth Advisors LLC acquired a new stake in Kellanova during the first quarter valued at approximately $49,000. 83.87% of the stock is currently owned by institutional investors.

Kellanova Stock Up 0.0%

Shares of K traded up $0.0150 during mid-day trading on Wednesday, hitting $80.0750. 1,211,696 shares of the company's stock were exchanged, compared to its average volume of 2,948,242. The firm has a fifty day moving average of $79.73 and a two-hundred day moving average of $81.43. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. The stock has a market cap of $27.84 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 4.96 and a beta of 0.27. 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 (NYSE:K - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter last year, the company earned $1.01 EPS. The business's revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts forecast 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 paid a dividend of $0.58 per share. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. Kellanova's dividend payout ratio is 59.84%.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $80.07, for a total value of $9,174,660.81. Following the transaction, the insider directly owned 45,326,620 shares in the company, valued at approximately $3,629,302,463.40. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 1,145,830 shares of company stock valued at $91,810,775. Company insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on K shares. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research report on Wednesday. They issued a "neutral" rating and a $83.50 price target for the company. Finally, Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Six investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $83.40.

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.