Sessa Capital IM L.P. Trims Stake in Kellanova (NYSE:K)

Sessa Capital IM L.P. decreased its stake in shares of Kellanova (NYSE:K) by 86.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 913,136 shares of the company’s stock after selling 6,046,172 shares during the quarter. Kellanova accounts for 2.7% of Sessa Capital IM L.P.’s portfolio, making the stock its 14th largest position. Sessa Capital IM L.P.’s holdings in Kellanova were worth $73,699,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in K. CVA Family Office LLC lifted its stake in shares of Kellanova by 529.3% during the third quarter. CVA Family Office LLC now owns 365 shares of the company’s stock valued at $29,000 after buying an additional 307 shares during the period. MCF Advisors LLC lifted its stake in shares of Kellanova by 48.8% during the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after purchasing an additional 137 shares during the period. Blue Trust Inc. lifted its stake in shares of Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. Family Firm Inc. acquired a new stake in shares of Kellanova during the second quarter worth $29,000. Finally, Newbridge Financial Services Group Inc. grew its position in shares of Kellanova by 61.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on K. The Goldman Sachs Group initiated coverage on shares of Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price target on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Royal Bank of Canada cut Kellanova from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Finally, DA Davidson lowered shares of Kellanova from a “buy” rating to a “neutral” rating and raised their price target for the company from $80.00 to $83.50 in a report on Monday, August 26th. Fifteen research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $76.35.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $80.62, for a total transaction of $6,272,236.00. Following the sale, the insider now owns 50,597,438 shares of the company’s stock, valued at $4,079,165,451.56. The trade was a 0.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 1,109,047 shares of company stock worth $89,483,556 in the last ninety days. 1.80% of the stock is owned by insiders.

Kellanova Stock Performance

Shares of K stock opened at $80.96 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77. The stock has a market capitalization of $27.91 billion, a price-to-earnings ratio of 27.82, a PEG ratio of 2.59 and a beta of 0.39. Kellanova has a one year low of $51.02 and a one year high of $81.34. The company’s 50-day simple moving average is $80.76 and its 200-day simple moving average is $70.50.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. Equities analysts anticipate that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. Kellanova’s dividend payout ratio (DPR) is presently 78.35%.

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.