Kellanova $K Shares Sold by Credit Industriel ET Commercial

Key Points

• Credit Industriel ET Commercial reduced its stake in Kellanova by 99.0% in Q2, leaving it with only 600 shares worth $48,000 after selling 62,400 shares.
• Kellanova reported $0.94 earnings per share for the latest quarter, missing estimates, but achieved a revenue of $3.20 billion—slightly above the anticipated $3.19 billion.
• The company increased its quarterly dividend to $0.58 per share, representing a yield of 2.8%, indicating a positive shift from its previous dividend of $0.57.

Credit Industriel ET Commercial lessened its holdings in Kellanova (NYSE:K - Free Report) by 99.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 600 shares of the company's stock after selling 62,400 shares during the quarter. Credit Industriel ET Commercial's holdings in Kellanova were worth $48,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Financial Counselors Inc. acquired a new stake in Kellanova in the 1st quarter worth approximately $522,000. IFM Investors Pty Ltd lifted its holdings in shares of Kellanova by 11.6% during the first quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company's stock worth $4,620,000 after purchasing an additional 5,957 shares during the period. Syquant Capital Sas lifted its holdings in shares of Kellanova by 123.6% during the second quarter. Syquant Capital Sas now owns 1,143,568 shares of the company's stock worth $90,948,000 after purchasing an additional 632,168 shares during the period. Retirement Guys Formula LLC acquired a new stake in shares of Kellanova during the first quarter worth about $934,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Kellanova by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company's stock worth $2,771,000 after purchasing an additional 3,747 shares during the period. Institutional investors and hedge funds own 83.87% of the company's stock.

Kellanova Stock Performance

K opened at $82.81 on Tuesday. The firm has a fifty day moving average price of $80.01 and a 200 day moving average price of $80.78. The stock has a market cap of $28.79 billion, a P/E ratio of 21.73, a P/E/G ratio of 5.16 and a beta of 0.24. Kellanova has a 1 year low of $76.48 and a 1 year high of $83.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates 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 return on equity of 32.54% and a net margin of 10.56%.The company's revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $1.01 EPS. Equities research analysts anticipate 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 was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is currently 60.89%.

Analysts Set New Price Targets

Several analysts have commented on K shares. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research note on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective for the company. Weiss Ratings upgraded shares of Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $83.38.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 45,097,438 shares of the company's stock, valued at $3,587,501,192.90. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 572,931 shares of company stock valued at $45,755,411. Corporate 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.

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