8,833 Shares in Kellanova (NYSE:K) Bought by Luts & Greenleigh Group Inc.

Luts & Greenleigh Group Inc. bought a new position in Kellanova (NYSE:K) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,833 shares of the company’s stock, valued at approximately $509,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. increased its position in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares in the last quarter. Family Firm Inc. bought a new position in Kellanova during the second quarter valued at approximately $29,000. BNP Paribas purchased a new stake in Kellanova in the first quarter worth approximately $30,000. Motco lifted its holdings in shares of Kellanova by 757.6% during the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the period. Finally, Ridgewood Investments LLC bought a new stake in shares of Kellanova in the second quarter worth $39,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Kellanova Price Performance

K opened at $80.68 on Tuesday. The business has a fifty day moving average of $70.45 and a 200 day moving average of $62.32. The stock has a market cap of $27.58 billion, a P/E ratio of 30.22, a PEG ratio of 2.57 and a beta of 0.39. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97.

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

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.57 per share. This is an increase from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. Kellanova’s dividend payout ratio (DPR) is 85.39%.

Wall Street Analysts Forecast Growth

K has been the subject of a number of recent research reports. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and boosted their price target for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Piper Sandler raised their price objective on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. BNP Paribas upgraded Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price objective for the company in a research note on Monday, August 5th. Finally, Wells Fargo & Company lifted their price target on shares of Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Fourteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $74.32.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $57.64, for a total transaction of $4,484,392.00. Following the completion of the sale, the insider now directly owns 51,219,838 shares of the company’s stock, valued at $2,952,311,462.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $57.64, for a total value of $4,484,392.00. Following the completion of the transaction, the insider now owns 51,219,838 shares of the company’s stock, valued at $2,952,311,462.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the sale, the insider now directly owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,007,166 shares of company stock worth $69,596,129. 1.80% of the stock is currently owned by corporate insiders.

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.