Swedbank AB Sells 29,143 Shares of Kellanova $K

Key Points

• Swedbank AB has decreased its holdings in Kellanova by 11.4%, now owning approximately 0.07% of the company's shares, valued at about $18.1 million.
• Kellanova recently increased its quarterly dividend from $0.57 to $0.58, representing a 3.0% yield for investors.
• Analysts have varied opinions on Kellanova's stock, with JPMorgan Chase giving it a "neutral" rating and Citigroup raising it to a "neutral" rating with an $83.50 price target.

Swedbank AB lessened its holdings in Kellanova (NYSE:K - Free Report) by 11.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 227,516 shares of the company's stock after selling 29,143 shares during the quarter. Swedbank AB owned 0.07% of Kellanova worth $18,094,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Grove Bank & Trust acquired a new position in Kellanova in the first quarter valued at about $25,000. Financial Network Wealth Advisors LLC acquired a new position in Kellanova in the first quarter valued at about $25,000. MorganRosel Wealth Management LLC acquired a new position in Kellanova in the first quarter valued at about $27,000. EQ Wealth Advisors LLC acquired a new position in Kellanova in the first quarter valued at about $49,000. Finally, Dagco Inc. acquired a new position in Kellanova in the first quarter valued at about $49,000. Institutional investors and hedge funds own 83.87% of the company's stock.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was 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 in the company, valued at $3,587,501,192.90. 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 available at this hyperlink. Insiders sold 916,680 shares of company stock worth $73,093,769 in the last quarter. Insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

K has been the subject of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price target for the company. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. Finally, Wall Street Zen downgraded Kellanova from a "hold" rating to a "sell" rating in a research note on Sunday. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $83.38.

Kellanova Trading Down 0.5%

Shares of NYSE:K traded down $0.37 during midday trading on Monday, hitting $77.01. 2,397,195 shares of the stock were exchanged, compared to its average volume of 2,957,449. The stock has a market capitalization of $26.77 billion, a price-to-earnings ratio of 20.21, a P/E/G ratio of 4.82 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The business's 50-day moving average price is $79.67 and its 200 day moving average price is $80.94. Kellanova has a 12 month low of $76.99 and a 12 month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share 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 the consensus estimate of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.0%. This is an increase from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date was Tuesday, September 2nd. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

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.