Kellanova (NYSE:K) Shares Sold by Sessa Capital IM L.P.

Sessa Capital IM L.P. lessened its holdings in Kellanova (NYSE:K) by 86.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 913,136 shares of the company’s stock after selling 6,046,172 shares during the period. Kellanova makes up 2.7% of Sessa Capital IM L.P.’s investment portfolio, making the stock its 14th largest position. Sessa Capital IM L.P. owned 0.26% of Kellanova worth $73,699,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of K. Investors Research Corp lifted its stake in Kellanova by 1.0% during the third quarter. Investors Research Corp now owns 12,991 shares of the company’s stock worth $1,049,000 after purchasing an additional 125 shares in the last quarter. Assetmark Inc. lifted its stake in Kellanova by 26.2% during the 3rd quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after acquiring an additional 131 shares in the last quarter. MCF Advisors LLC lifted its stake in Kellanova by 48.8% during the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after acquiring an additional 137 shares in the last quarter. S.A. Mason LLC boosted its holdings in Kellanova by 7.6% during the 3rd quarter. S.A. Mason LLC now owns 1,987 shares of the company’s stock valued at $160,000 after acquiring an additional 140 shares during the period. Finally, Capital Advisors Ltd. LLC grew its position in Kellanova by 41.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 540 shares of the company’s stock valued at $44,000 after acquiring an additional 158 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Stock Performance

NYSE K opened at $80.96 on Friday. The business’s 50-day moving average price is $80.76 and its 200 day moving average price is $70.50. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The firm has a market cap of $27.91 billion, a P/E ratio of 27.82, a P/E/G ratio of 2.59 and a beta of 0.39. Kellanova has a 52-week low of $51.02 and a 52-week high of $81.34.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the firm posted $1.03 EPS. Kellanova’s quarterly revenue was down .7% on a year-over-year basis. On average, equities research analysts expect that Kellanova will post 3.74 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Monday, December 2nd. Kellanova’s dividend payout ratio (DPR) is 78.35%.

Analysts Set New Price Targets

Several research firms have recently commented on K. Piper Sandler raised their price objective on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. The Goldman Sachs Group started coverage on shares of Kellanova in a research note on Monday, August 12th. They issued a “neutral” rating and a $75.00 price target for the company. BNP Paribas cut Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price objective on the stock. in a research note on Friday, November 1st. Wells Fargo & Company lifted their target price on Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. upped their price target on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Fifteen research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $76.35.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the transaction, the insider now directly owns 50,482,855 shares in the company, valued at approximately $4,051,249,113.75. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 1,109,047 shares of company stock valued at $89,483,556 in the last three months. 1.80% of the stock is currently owned by company insiders.

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.