Insider Selling: Kellanova (NYSE:K) Major Shareholder Sells 77,800 Shares of Stock

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $62.01, for a total value of $4,824,378.00. Following the transaction, the insider now owns 51,608,838 shares of the company’s stock, valued at approximately $3,200,264,044.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Kellanova Price Performance

Shares of K stock opened at $61.33 on Friday. Kellanova has a 52-week low of $47.63 and a 52-week high of $68.93. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. The firm has a market capitalization of $20.97 billion, a P/E ratio of 22.97, a P/E/G ratio of 2.21 and a beta of 0.39. The stock has a 50 day moving average price of $58.30 and a 200 day moving average price of $55.68.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. Kellanova’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the business posted $1.10 EPS. As a group, sell-side analysts predict that Kellanova will post 3.62 earnings per share for the current year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 annualized dividend and a yield of 3.65%. Kellanova’s payout ratio is currently 83.90%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. New Mexico Educational Retirement Board increased its holdings in shares of Kellanova by 7.2% in the 3rd quarter. New Mexico Educational Retirement Board now owns 13,340 shares of the company’s stock valued at $794,000 after acquiring an additional 900 shares during the period. FDx Advisors Inc. purchased a new position in shares of Kellanova in the 3rd quarter valued at $408,000. Empirical Finance LLC increased its holdings in shares of Kellanova by 10.6% in the 3rd quarter. Empirical Finance LLC now owns 8,822 shares of the company’s stock valued at $525,000 after acquiring an additional 848 shares during the period. Capital Investment Advisory Services LLC increased its holdings in shares of Kellanova by 14.4% in the 3rd quarter. Capital Investment Advisory Services LLC now owns 5,389 shares of the company’s stock valued at $321,000 after acquiring an additional 677 shares during the period. Finally, Coldstream Capital Management Inc. increased its holdings in shares of Kellanova by 18.7% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,688 shares of the company’s stock valued at $219,000 after acquiring an additional 581 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on K. Citigroup began coverage on Kellanova in a research note on Thursday, February 1st. They issued a “neutral” rating and a $57.00 price objective for the company. TD Cowen raised their price objective on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Stifel Nicolaus raised their price objective on Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. DA Davidson raised their price objective on Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Finally, Barclays raised their price objective on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Kellanova currently has a consensus rating of “Hold” and an average target price of $61.85.

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.