Kellanova (NYSE:K) Shares Sold by Machina Capital S.A.S.

Key Points

• Machina Capital S.A.S. has reduced its stake in Kellanova by 48.7%, holding 6,002 shares valued at approximately $495,000 after selling 5,704 shares in the first quarter.
• Insider transactions revealed that the Kellogg W. K. Foundation Trust sold 114,583 shares for over $9 million, bringing its total holdings down slightly to 45,670,369 shares.
• Kellanova reported a quarterly earnings miss, with $0.90 earnings per share against estimates of $1.01, while also announcing an increase in its quarterly dividend to $0.58.

Machina Capital S.A.S. cut its holdings in shares of Kellanova (NYSE:K - Free Report) by 48.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,002 shares of the company's stock after selling 5,704 shares during the period. Machina Capital S.A.S.'s holdings in Kellanova were worth $495,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Pinnacle Associates Ltd. boosted its holdings in Kellanova by 2.0% in the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after buying an additional 123 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in Kellanova by 1.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after purchasing an additional 132 shares in the last quarter. OneAscent Financial Services LLC lifted its stake in Kellanova by 4.7% in the 4th quarter. OneAscent Financial Services LLC now owns 3,315 shares of the company's stock worth $268,000 after purchasing an additional 149 shares in the last quarter. Legacy Advisors LLC lifted its stake in Kellanova by 7.1% in the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock worth $222,000 after purchasing an additional 179 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Kellanova by 2.8% in the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock worth $568,000 after purchasing an additional 186 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on K shares. Wall Street Zen lowered shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a research report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $79.75.

Kellanova Trading Down 0.1%

NYSE K traded down $0.05 on Monday, reaching $79.79. The stock had a trading volume of 803,562 shares, compared to its average volume of 3,049,866. The firm has a market capitalization of $27.68 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 4.25 and a beta of 0.28. The company has a quick ratio of 0.52, a current ratio of 0.80 and a debt-to-equity ratio of 1.25. Kellanova has a 12-month low of $56.62 and a 12-month high of $83.22. The stock has a fifty day moving average price of $80.48 and a two-hundred day moving average price of $81.62.

Kellanova (NYSE:K - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.01 by ($0.11). The firm had revenue of $3.08 billion during the quarter, compared to analysts' expectations of $3.16 billion. Kellanova had a net margin of 10.93% and a return on equity of 34.80%. The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.01 EPS. As a group, sell-side analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid 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 dividend yield of 2.91%. Kellanova's payout ratio is 57.58%.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $79.92, for a total value of $9,157,473.36. Following the completion of the transaction, the insider owned 45,670,369 shares in the company, valued at $3,649,975,890.48. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 1,260,413 shares of company stock valued at $101,748,558 in the last three months. Insiders own 1.80% of the company's stock.

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.