Kellanova (NYSE:K) Major Shareholder Sells $9,174,660.81 in Stock

Key Points

• Major shareholder, the Kellogg W. K. Foundation Trust, sold 114,583 shares of Kellanova stock for approximately $9.17 million, reducing their position by 0.25%.
• Kellanova announced a quarterly dividend of $0.58 per share, representing a 2.9% yield and an increase from the previous dividend of $0.57.
• Analysts' sentiment towards Kellanova remains cautious, with a consensus rating of "Hold" and a price target of approximately $83.38.

Kellanova (NYSE:K - Get Free Report) major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $80.07, for a total transaction of $9,174,660.81. Following the completion of the sale, the insider owned 45,326,620 shares of the company's stock, valued at $3,629,302,463.40. The trade was a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Kellanova Stock Performance

Kellanova stock traded up $0.11 during mid-day trading on Friday, reaching $80.19. The company's stock had a trading volume of 1,978,321 shares, compared to its average volume of 2,265,651. The firm has a market cap of $27.88 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 4.97 and a beta of 0.27. The business has a 50 day moving average price of $79.80 and a 200-day moving average price of $81.45. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. 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 posted 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). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the business earned $1.01 earnings per share. The company's revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued 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 currently 60.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on K shares. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a research report on Thursday, May 29th. Six analysts have rated the stock with a hold rating, According to MarketBeat, Kellanova presently has a consensus rating of "Hold" and an average price target of $83.38.

Institutional Investors Weigh In On Kellanova

Several large investors have recently made changes to their positions in K. Vanguard Group Inc. boosted its stake in Kellanova by 2.0% during the second quarter. Vanguard Group Inc. now owns 33,356,883 shares of the company's stock worth $2,652,873,000 after buying an additional 661,535 shares in the last quarter. Keybank National Association OH raised its holdings in Kellanova by 0.7% during the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after purchasing an additional 128,439 shares during the last quarter. State Street Corp raised its holdings in Kellanova by 2.7% during the 2nd quarter. State Street Corp now owns 13,216,433 shares of the company's stock worth $1,051,103,000 after purchasing an additional 352,738 shares during the last quarter. Pentwater Capital Management LP raised its holdings in Kellanova by 39.0% during the 1st quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company's stock worth $659,920,000 after purchasing an additional 2,245,000 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Kellanova by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 7,289,089 shares of the company's stock worth $577,362,000 after buying an additional 163,126 shares during the period. Institutional investors own 83.87% 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.