Folger Nolan Fleming Douglas Capital Management Inc. Has $2.10 Million Stock Position in Kellanova $K

Folger Nolan Fleming Douglas Capital Management Inc. cut its holdings in shares of Kellanova (NYSE:K) by 3.8% during the second quarter, Holdings Channel reports. The fund owned 26,416 shares of the company’s stock after selling 1,055 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Kellanova were worth $2,101,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Grove Bank & Trust bought a new position in Kellanova during the 1st quarter worth about $25,000. Financial Network Wealth Advisors LLC bought a new stake in shares of Kellanova during the first quarter worth approximately $25,000. MorganRosel Wealth Management LLC bought a new position in Kellanova in the first quarter valued at approximately $27,000. Trust Co. of Toledo NA OH bought a new stake in shares of Kellanova during the second quarter worth $45,000. Finally, EQ Wealth Advisors LLC bought a new stake in shares of Kellanova in the first quarter worth $49,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the sale, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 687,514 shares of company stock worth $54,869,342 over the last 90 days. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

K has been the topic of several research reports. Wall Street Zen lowered shares of Kellanova from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. JPMorgan Chase & Co. began coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 price objective for the company. Finally, Weiss Ratings upgraded shares of Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Kellanova has a consensus rating of “Hold” and an average target price of $83.38.

Kellanova Price Performance

K stock opened at $82.85 on Friday. The firm’s 50-day moving average price is $79.95 and its two-hundred day moving average price is $80.80. Kellanova has a 12-month low of $76.48 and a 12-month high of $83.22. The stock has a market capitalization of $28.80 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 5.16 and a beta of 0.24. 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) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.05). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. Kellanova’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.58 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is an increase from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.8%. Kellanova’s payout ratio is presently 60.89%.

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.