Kellanova (NYSE:K) Shares Sold by Berger Financial Group Inc

Key Points

• Berger Financial Group Inc reduced its stake in Kellanova by 96.4% in Q1, owning only 3,079 shares after selling 82,614 shares.
• Kellanova's major shareholder, Kellogg W. K. Foundation Trust, sold 114,583 shares for approximately $9.14 million, while insiders have sold a total of 1.26 million shares in the last 90 days.
• Kellanova increased its quarterly dividend to $0.58 per share, representing an annualized yield of 2.9%, which reflects a rise from the previous dividend of $0.57.

Berger Financial Group Inc decreased its holdings in Kellanova (NYSE:K - Free Report) by 96.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,079 shares of the company's stock after selling 82,614 shares during the period. Berger Financial Group Inc's holdings in Kellanova were worth $254,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Grove Bank & Trust acquired a new stake in shares of Kellanova during the 1st quarter worth approximately $25,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Kellanova during the 1st quarter worth approximately $27,000. Accredited Wealth Management LLC acquired a new stake in shares of Kellanova during the 4th quarter worth approximately $36,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Kellanova during the 4th quarter worth approximately $42,000. Finally, EQ Wealth Advisors LLC acquired a new stake in shares of Kellanova during the 1st quarter worth approximately $49,000. Institutional investors and hedge funds own 83.87% of the company's stock.

Kellanova Stock Down 0.1%

K stock traded down $0.11 during midday trading on Thursday, hitting $80.10. The company's stock had a trading volume of 1,341,192 shares, compared to its average volume of 2,980,264. 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 has a 52-week low of $77.70 and a 52-week high of $83.22. The firm has a market capitalization of $27.85 billion, a P/E ratio of 21.02, a PEG ratio of 4.97 and a beta of 0.27. The firm has a 50-day simple moving average of $79.88 and a 200-day simple moving average of $81.48.

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). The firm had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%. Kellanova's revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the firm posted $1.01 earnings per share. As a group, equities analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The company 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 dividend of $0.58 per share. This is a boost 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 payout ratio is 60.89%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a research report on Thursday, May 29th. Ten equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $83.38.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, July 28th. The shares were sold at an average price of $79.79, for a total transaction of $9,142,577.57. Following the sale, the insider directly owned 45,555,786 shares in the company, valued at $3,634,896,164.94. This trade represents a 0.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 1,145,830 shares of company stock worth $92,059,420. 1.80% of the stock is currently owned by insiders.

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.