Resona Asset Management Co. Ltd. Sells 25,696 Shares of Kellanova $K

Resona Asset Management Co. Ltd. lowered its stake in shares of Kellanova (NYSE:K) by 15.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 144,455 shares of the company’s stock after selling 25,696 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Kellanova were worth $11,480,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Financial Network Wealth Advisors LLC acquired a new stake in shares of Kellanova in the first quarter valued at approximately $25,000. Trust Co. of Toledo NA OH acquired a new position in Kellanova during the 2nd quarter worth $45,000. Dagco Inc. bought a new position in Kellanova in the 1st quarter valued at $49,000. Cypress Capital Management LLC WY acquired a new stake in shares of Kellanova in the 1st quarter valued at $54,000. Finally, Capital Advisors Ltd. LLC raised its position in shares of Kellanova by 32.7% during the second quarter. Capital Advisors Ltd. LLC now owns 718 shares of the company’s stock worth $57,000 after acquiring an additional 177 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Kellanova Stock Performance

Shares of K stock opened at $83.30 on Friday. The stock has a market cap of $28.98 billion, a PE ratio of 21.86, a price-to-earnings-growth ratio of 5.16 and a beta of 0.23. The stock has a 50-day moving average of $81.19 and a 200-day moving average of $80.90. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. Kellanova has a one year low of $76.48 and a one year high of $83.42.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.06. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. Kellanova’s payout ratio is presently 63.74%.

Analyst Ratings Changes

K has been the topic of several recent research reports. Wall Street Zen upgraded Kellanova from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 target price on the stock. Finally, Weiss Ratings cut shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $83.50.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was 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. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 343,765 shares of company stock valued at $27,455,360 in the last ninety days. 1.80% of the stock is owned by corporate 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.