Kellanova $K Shares Sold by Royal Bank of Canada

Royal Bank of Canada decreased its position in shares of Kellanova (NYSE:K - Free Report) by 42.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 363,524 shares of the company's stock after selling 272,289 shares during the period. Royal Bank of Canada owned 0.10% of Kellanova worth $29,987,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Pinnacle Associates Ltd. lifted its stake in shares of Kellanova by 2.0% during the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock valued at $526,000 after buying an additional 123 shares during the period. Independent Advisor Alliance lifted its stake in shares of Kellanova by 1.8% during the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock valued at $605,000 after buying an additional 131 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Kellanova by 1.3% during the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock valued at $860,000 after buying an additional 132 shares during the period. Legacy Advisors LLC lifted its stake in shares of Kellanova by 7.1% during the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after buying an additional 179 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Kellanova by 6.0% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock valued at $271,000 after buying an additional 185 shares during the period. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the 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 completion of the sale, the insider 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 1,145,846 shares of company stock valued at $91,267,778 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports 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 on the stock. Citigroup raised 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. Finally, Wall Street Zen lowered 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 data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $83.38.

Kellanova Trading Down 0.2%

Shares of Kellanova stock traded down $0.17 during trading hours on Friday, hitting $79.41. The company's stock had a trading volume of 1,279,873 shares, compared to its average volume of 2,510,036. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22. The business has a fifty day moving average of $79.76 and a 200 day moving average of $81.10. The company has a market capitalization of $27.61 billion, a PE ratio of 20.84, a P/E/G ratio of 4.95 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 released 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). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the company earned $1.01 EPS. Kellanova's revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase 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 (DPR) is currently 60.89%.

Kellanova 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.