Brown Advisory Inc. cut its stake in shares of Kellanova (NYSE:K - Free Report) by 98.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,012 shares of the company's stock after selling 353,148 shares during the quarter. Brown Advisory Inc.'s holdings in Kellanova were worth $331,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of K. Norges Bank bought a new stake in Kellanova in the 4th quarter worth about $285,126,000. Franklin Resources Inc. increased its holdings in Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock worth $208,826,000 after buying an additional 2,313,047 shares in the last quarter. FIL Ltd increased its holdings in Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after buying an additional 1,542,000 shares in the last quarter. Tudor Investment Corp ET AL grew its stake in shares of Kellanova by 136.0% during the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock valued at $141,356,000 after purchasing an additional 1,006,100 shares during the period. Finally, TIG Advisors LLC grew its stake in shares of Kellanova by 76.5% during the 4th quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock valued at $152,084,000 after purchasing an additional 813,901 shares during the period. 83.87% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $79.54, for a total transaction of $9,113,931.82. Following the transaction, the insider owned 45,784,952 shares of the company's stock, valued at approximately $3,641,735,082.08. This represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,374,996 shares of company stock valued at $111,466,342 in the last 90 days. Company insiders own 1.80% of the company's stock.
Analyst Ratings Changes
A number of research firms have issued reports on K. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research note on Thursday, May 29th. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $79.75.
Read Our Latest Research Report on Kellanova
Kellanova Trading Up 0.3%
NYSE:K traded up $0.21 during midday trading on Thursday, hitting $79.96. 1,205,876 shares of the company traded hands, compared to its average volume of 3,028,672. The firm's fifty day moving average is $80.81 and its 200-day moving average is $81.68. Kellanova has a 12-month low of $56.37 and a 12-month high of $83.22. The firm has a market capitalization of $27.74 billion, a P/E ratio of 20.18, a P/E/G ratio of 4.22 and a beta of 0.28. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25.
Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a net margin of 10.93% and a return on equity of 34.80%. The company had revenue of $3.08 billion for the quarter, compared to analysts' expectations of $3.16 billion. During the same quarter in the previous year, the company posted $1.01 EPS. The business's quarterly revenue was down 3.7% on a year-over-year basis. On average, sell-side analysts predict that Kellanova will post 3.93 EPS for the current year.
Kellanova Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.85%. Kellanova's payout ratio is 57.58%.
About Kellanova
(
Free Report)
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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