Swiss National Bank Cuts Stake in Kellanova (NYSE:K)

Swiss National Bank cut its position in Kellanova (NYSE:K - Free Report) by 3.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 854,700 shares of the company's stock after selling 27,400 shares during the quarter. Swiss National Bank owned 0.25% of Kellanova worth $47,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in Kellanova by 11.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 76,811 shares of the company's stock worth $4,571,000 after buying an additional 7,780 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Kellanova by 9.1% during the third quarter. Stratos Wealth Partners LTD. now owns 5,444 shares of the company's stock worth $324,000 after purchasing an additional 452 shares during the period. Independent Advisor Alliance lifted its holdings in Kellanova by 3.9% in the third quarter. Independent Advisor Alliance now owns 6,831 shares of the company's stock worth $407,000 after acquiring an additional 255 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Kellanova by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 2,474,763 shares of the company's stock valued at $147,273,000 after purchasing an additional 61,797 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kellanova by 208.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 305,251 shares of the company's stock worth $18,165,000 after purchasing an additional 206,236 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on K. Stifel Nicolaus increased their price objective on Kellanova from $56.00 to $58.00 and gave the stock a "hold" rating in a report on Thursday, January 25th. Citigroup began coverage on Kellanova in a report on Thursday, February 1st. They set a "neutral" rating and a $57.00 price target on the stock. Barclays upped their price objective on shares of Kellanova from $60.00 to $64.00 and gave the stock an "equal weight" rating in a report on Monday. JPMorgan Chase & Co. raised their target price on shares of Kellanova from $59.00 to $66.00 and gave the company a "neutral" rating in a research note on Friday. Finally, DA Davidson began coverage on shares of Kellanova in a research note on Friday, March 1st. They issued a "buy" rating and a $67.00 price target for the company. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $61.46.

Kellanova Price Performance

K stock traded up $1.60 during midday trading on Tuesday, reaching $61.64. 3,853,111 shares of the stock were exchanged, compared to its average volume of 3,256,282. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The stock has a market capitalization of $21.07 billion, a PE ratio of 23.09, a P/E/G ratio of 2.32 and a beta of 0.39. Kellanova has a 52 week low of $47.63 and a 52 week high of $71.53. The company has a fifty day moving average price of $56.42 and a 200 day moving average price of $54.80.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.16. The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The company's revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.10 EPS. As a group, analysts expect that Kellanova will post 3.58 EPS for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be paid a $0.56 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. Kellanova's dividend payout ratio (DPR) is presently 83.90%.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $53.62, for a total value of $4,171,636.00. Following the transaction, the insider now owns 52,698,038 shares in the company, valued at $2,825,668,797.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Nicolas Amaya sold 9,800 shares of the firm's stock in a transaction on Monday, May 6th. The shares were sold at an average price of $60.05, for a total transaction of $588,490.00. Following the sale, the senior vice president now owns 26,191 shares in the company, valued at approximately $1,572,769.55. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $53.62, for a total value of $4,171,636.00. Following the sale, the insider now owns 52,698,038 shares in the company, valued at approximately $2,825,668,797.56. The disclosure for this sale can be found here. Insiders sold a total of 1,021,200 shares of company stock valued at $57,219,110 in the last ninety days. 1.80% of the stock is currently owned by insiders.

About Kellanova

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.