Truist Financial Corp Has $1.98 Million Stock Position in Kellanova $K

Key Points

• Truist Financial Corp has reduced its stake in Kellanova by 16.8%, now holding 24,841 shares valued at approximately $1.98 million.
• In the latest quarter, insiders have sold a total of 687,514 shares of Kellanova, with major shareholder Kellogg W.K. Foundation Trust selling 114,599 shares for over $9 million.
• Kellanova's quarterly earnings missed expectations, reporting $0.94 earnings per share, below the consensus estimate of $0.99, despite a slight year-over-year revenue increase.

Truist Financial Corp reduced its position in Kellanova (NYSE:K - Free Report) by 16.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 24,841 shares of the company's stock after selling 5,012 shares during the period. Truist Financial Corp's holdings in Kellanova were worth $1,976,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Pinnacle Associates Ltd. raised its holdings in Kellanova by 2.0% in the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock valued at $526,000 after acquiring an additional 123 shares during the period. Independent Advisor Alliance raised its holdings in Kellanova by 1.8% in the 1st quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock valued at $605,000 after acquiring an additional 131 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Kellanova by 1.3% in the 1st 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 period. Cigna Investments Inc. New raised its holdings in Kellanova by 5.3% in the 2nd quarter. Cigna Investments Inc. New now owns 2,797 shares of the company's stock valued at $222,000 after acquiring an additional 141 shares during the period. Finally, Legacy Advisors LLC raised its holdings in Kellanova by 7.1% in the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after acquiring an additional 179 shares during the period. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 687,514 shares of company stock worth $54,869,342 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. assumed 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. Weiss Ratings raised shares of Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday. Finally, Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Kellanova presently has an average rating of "Hold" and an average price target of $83.38.

Kellanova Price Performance

Shares of NYSE K opened at $82.85 on Friday. The firm's 50-day moving average price is $79.95 and its 200-day moving average price is $80.80. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.22. The firm has a market capitalization of $28.80 billion, a P/E ratio of 21.75, a P/E/G ratio of 5.16 and a beta of 0.24. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly earnings data 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). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the company posted $1.01 EPS. Kellanova's revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed 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 is an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, September 2nd. Kellanova's dividend payout ratio (DPR) is currently 60.89%.

Kellanova 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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