Kellanova (NYSE:K) Position Cut by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS trimmed its position in Kellanova (NYSE:K) by 6.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 241,653 shares of the company’s stock after selling 15,902 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.07% of Kellanova worth $13,939,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in K. Blue Trust Inc. lifted its holdings in shares of Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after purchasing an additional 170 shares in the last quarter. Zhang Financial LLC increased its stake in shares of Kellanova by 0.8% in the first quarter. Zhang Financial LLC now owns 21,318 shares of the company’s stock worth $1,221,000 after acquiring an additional 176 shares during the last quarter. IFG Advisory LLC increased its stake in shares of Kellanova by 1.4% in the second quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock worth $797,000 after acquiring an additional 189 shares during the last quarter. Eukles Asset Management increased its stake in shares of Kellanova by 0.7% in the second quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock worth $1,521,000 after acquiring an additional 193 shares during the last quarter. Finally, Bfsg LLC increased its stake in shares of Kellanova by 64.5% in the first quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

K has been the topic of several analyst reports. Stifel Nicolaus increased their target price on shares of Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. StockNews.com initiated coverage on Kellanova in a research report on Sunday. They issued a “hold” rating on the stock. JPMorgan Chase & Co. raised their price target on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. The Goldman Sachs Group assumed coverage on shares of Kellanova in a research note on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price for the company. Finally, Piper Sandler increased their target price on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Fourteen equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $74.32.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $57.71, for a total transaction of $4,489,838.00. Following the sale, the insider now directly owns 51,297,638 shares of the company’s stock, valued at approximately $2,960,386,688.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 855,800 shares of company stock valued at $55,663,566 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Trading Down 0.1 %

K traded down $0.08 during trading on Thursday, reaching $80.11. 1,388,461 shares of the company’s stock were exchanged, compared to its average volume of 3,321,862. The company’s fifty day moving average price is $66.73 and its 200-day moving average price is $60.96. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $80.97. The firm has a market capitalization of $27.39 billion, a PE ratio of 30.01, a P/E/G ratio of 2.59 and a beta of 0.34.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.90 by $0.11. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS. As a group, equities analysts forecast that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be given a $0.57 dividend. This is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 2.85%. The ex-dividend date is Tuesday, September 3rd. Kellanova’s payout ratio is currently 85.39%.

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.