Ascent Group LLC Reduces Stock Position in Kellanova $K

Ascent Group LLC cut its holdings in shares of Kellanova (NYSE:K) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,856 shares of the company’s stock after selling 1,146 shares during the quarter. Ascent Group LLC’s holdings in Kellanova were worth $2,533,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of K. Grove Bank & Trust acquired a new position in shares of Kellanova in the 1st quarter worth approximately $25,000. Financial Network Wealth Advisors LLC acquired a new position in shares of Kellanova in the 1st quarter worth approximately $25,000. MorganRosel Wealth Management LLC acquired a new position in shares of Kellanova in the 1st quarter worth approximately $27,000. EQ Wealth Advisors LLC acquired a new position in shares of Kellanova in the 1st quarter worth approximately $49,000. Finally, Dagco Inc. acquired a new position in shares of Kellanova in the 1st quarter worth approximately $49,000. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Trading Up 0.1%

NYSE:K opened at $82.72 on Friday. Kellanova has a 1 year low of $76.48 and a 1 year high of $83.22. The stock has a market cap of $28.76 billion, a price-to-earnings ratio of 21.71, a PEG ratio of 5.15 and a beta of 0.24. The business has a fifty day moving average of $79.66 and a 200-day moving average of $80.77. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68.

Kellanova (NYSE:K) last released its quarterly earnings results 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 return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the company posted $1.01 EPS. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.58 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.8%. Kellanova’s dividend payout ratio (DPR) is currently 60.89%.

Analysts Set New Price Targets

Several research analysts have recently commented on K shares. Wall Street Zen lowered Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. JPMorgan Chase & Co. started coverage on Kellanova in a research note on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective for the company. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Kellanova in a research note on Saturday, September 27th. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $83.38.

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 on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the sale, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 802,097 shares of company stock valued at $63,999,316 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

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.