Raymond James Financial Inc. Lowers Stock Holdings in Kellanova $K

Key Points

• Raymond James Financial Inc. reduced its stake in Kellanova by 41.4%, now holding a position worth approximately $12.72 million after selling 108,683 shares in the first quarter.
• Kellanova's recent quarterly earnings report showed $0.94 earnings per share, missing estimates, while the company also announced an increase in its quarterly dividend from $0.57 to $0.58 per share.
• The stock has been assigned a consensus rating of "Hold" with a target price of $83.38, following various upgrades and downgrades from multiple brokerages.

Raymond James Financial Inc. cut its holdings in Kellanova (NYSE:K - Free Report) by 41.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 154,149 shares of the company's stock after selling 108,683 shares during the quarter. Raymond James Financial Inc.'s holdings in Kellanova were worth $12,716,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its position in shares of Kellanova by 12.9% in the 1st quarter. American Century Companies Inc. now owns 17,134 shares of the company's stock worth $1,413,000 after purchasing an additional 1,962 shares during the period. Ethic Inc. raised its stake in Kellanova by 4.6% in the first quarter. Ethic Inc. now owns 17,066 shares of the company's stock worth $1,408,000 after buying an additional 746 shares in the last quarter. Element Capital Management LLC bought a new stake in Kellanova during the 1st quarter valued at $2,730,000. Horizon Investments LLC increased its holdings in shares of Kellanova by 5.6% in the 1st quarter. Horizon Investments LLC now owns 3,916 shares of the company's stock valued at $323,000 after acquiring an additional 208 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Kellanova by 15.0% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 157,585 shares of the company's stock worth $12,999,000 after acquiring an additional 20,500 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price for the company in a report on Thursday, May 29th. Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. started coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price target on the stock. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Kellanova presently has an average rating of "Hold" and an average price target of $83.38.

Kellanova Stock Performance

Shares of K stock traded down $0.02 during mid-day trading on Wednesday, reaching $78.93. The stock had a trading volume of 1,390,974 shares, compared to its average volume of 2,921,397. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22. The firm has a market cap of $27.44 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 4.95 and a beta of 0.27. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The business's fifty day moving average is $79.76 and its 200-day moving average is $81.26.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same period last year, the firm earned $1.01 EPS. The company's revenue for the quarter was up .3% compared to the same quarter last year. On average, research analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, September 2nd. Kellanova's dividend payout ratio is 59.84%.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's 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 sale, the insider directly owned 45,097,438 shares of the company's stock, valued at approximately $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,260,429 shares of company stock worth $100,650,980 in the last three months. Insiders own 1.80% of the company's stock.

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.