M&T Bank Corp Reduces Stock Position in Kellanova (NYSE:K)

M&T Bank Corp trimmed its holdings in shares of Kellanova (NYSE:K - Free Report) by 22.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,090 shares of the company's stock after selling 6,456 shares during the quarter. M&T Bank Corp's holdings in Kellanova were worth $1,822,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in K. Sequoia Financial Advisors LLC increased its position in 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 acquiring an additional 132 shares during the last quarter. OneAscent Financial Services LLC grew its holdings in Kellanova by 4.7% during the 4th quarter. OneAscent Financial Services LLC now owns 3,315 shares of the company's stock valued at $268,000 after purchasing an additional 149 shares during the last quarter. Legacy Advisors LLC raised its position 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 during the period. GAMMA Investing LLC lifted its stake in Kellanova by 2.8% in the first quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock worth $568,000 after purchasing an additional 186 shares during the last quarter. Finally, Humankind Investments LLC boosted its position in shares of Kellanova by 3.9% during the fourth quarter. Humankind Investments LLC now owns 5,117 shares of the company's stock valued at $414,000 after buying an additional 191 shares during the period. Institutional investors own 83.87% of the company's stock.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $79.68, for a total value of $9,129,973.44. Following the completion of the transaction, the insider owned 45,899,535 shares in the company, valued at approximately $3,657,274,948.80. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 1,374,996 shares of company stock worth $111,795,196. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

K has been the topic of a number of research analyst reports. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $79.75.

Kellanova Stock Performance

Shares of K stock opened at $79.43 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.80 and a quick ratio of 0.52. The business has a fifty day moving average of $80.98 and a 200 day moving average of $81.72. The firm has a market capitalization of $27.56 billion, a price-to-earnings ratio of 20.06, a price-to-earnings-growth ratio of 4.21 and a beta of 0.28. Kellanova has a 1 year low of $55.96 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly 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 business had revenue of $3.08 billion for the quarter, compared to analysts' expectations of $3.16 billion. Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The business's quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 earnings per share. As a group, research analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.87%. Kellanova's dividend payout ratio is presently 57.58%.

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.

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