DT Investment Partners LLC Cuts Holdings in Kellanova (NYSE:K)

DT Investment Partners LLC decreased its stake in shares of Kellanova (NYSE:K) by 9.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,482 shares of the company’s stock after selling 1,599 shares during the quarter. DT Investment Partners LLC’s holdings in Kellanova were worth $856,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. BlackRock Inc. boosted its position in shares of Kellanova by 1.2% in the 1st quarter. BlackRock Inc. now owns 31,697,821 shares of the company’s stock valued at $2,122,486,000 after purchasing an additional 369,648 shares during the period. Vanguard Group Inc. boosted its position in shares of Kellanova by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock valued at $1,892,981,000 after purchasing an additional 646,828 shares during the period. State Street Corp boosted its position in shares of Kellanova by 2.6% in the 1st quarter. State Street Corp now owns 14,696,120 shares of the company’s stock valued at $947,753,000 after purchasing an additional 369,620 shares during the period. Geode Capital Management LLC boosted its position in shares of Kellanova by 2.9% in the 1st quarter. Geode Capital Management LLC now owns 5,659,404 shares of the company’s stock valued at $378,150,000 after purchasing an additional 159,028 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Kellanova by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,559,415 shares of the company’s stock valued at $330,841,000 after purchasing an additional 200,870 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $52.90, for a total transaction of $4,115,620.00. Following the transaction, the insider now owns 52,309,038 shares in the company, valued at $2,767,148,110.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 933,600 shares of company stock worth $51,308,322. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on K. Piper Sandler increased their price objective on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Citigroup began coverage on Kellanova in a research report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price objective for the company. DA Davidson began coverage on Kellanova in a research report on Friday, March 1st. They set a “buy” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Kellanova from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Finally, Barclays increased their target price on Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.27.

Kellanova Price Performance

Kellanova stock traded up $0.84 during mid-day trading on Friday, hitting $57.38. 2,798,198 shares of the company were exchanged, compared to its average volume of 2,379,795. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.66 and a quick ratio of 0.41. The business’s 50 day simple moving average is $55.61 and its two-hundred day simple moving average is $54.04. The company has a market capitalization of $19.61 billion, a P/E ratio of 20.87, a PEG ratio of 2.11 and a beta of 0.40. Kellanova has a 12-month low of $47.63 and a 12-month high of $72.30.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.04. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.07 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Analysts forecast that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date was Thursday, February 29th. Kellanova’s payout ratio is currently 81.45%.

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.