Pathway Financial Advisers LLC Makes New Investment in Kellanova (NYSE:K)

Pathway Financial Advisers LLC purchased a new position in shares of Kellanova (NYSE:K) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,116 shares of the company’s stock, valued at approximately $121,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in K. Blue Trust Inc. raised its holdings in shares of Kellanova by 55.1% in the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after purchasing an additional 206 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Kellanova by 22.3% during the fourth quarter. Fifth Third Bancorp now owns 17,708 shares of the company’s stock valued at $990,000 after acquiring an additional 3,224 shares during the period. Trust Point Inc. acquired a new stake in shares of Kellanova during the fourth quarter valued at approximately $748,000. Ballentine Partners LLC acquired a new stake in shares of Kellanova during the fourth quarter valued at approximately $247,000. Finally, Arizona State Retirement System raised its holdings in shares of Kellanova by 0.6% during the fourth quarter. Arizona State Retirement System now owns 75,272 shares of the company’s stock valued at $4,208,000 after acquiring an additional 462 shares during the period. 83.87% of the stock is currently owned by institutional investors.

Kellanova Stock Up 1.5 %

K stock traded up $0.93 during trading hours on Friday, hitting $62.98. The company’s stock had a trading volume of 4,730,736 shares, compared to its average volume of 2,053,996. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $21.53 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. Kellanova has a 12 month low of $47.63 and a 12 month high of $67.79. The stock has a 50 day moving average price of $58.25 and a two-hundred day moving average price of $57.22.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. Kellanova’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 EPS. On average, equities research analysts expect that Kellanova will post 3.68 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.57 per share. This is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s dividend payout ratio is presently 83.90%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total value of $4,739,576.00. Following the completion of the transaction, the insider now owns 51,764,438 shares in the company, valued at approximately $3,153,489,562.96. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the sale, the senior vice president now owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the completion of the sale, the insider now directly owns 51,764,438 shares in the company, valued at approximately $3,153,489,562.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 865,600 shares of company stock worth $50,837,176. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. TD Cowen boosted their price target on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Barclays cut their price target on shares of Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. DA Davidson boosted their price target on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Piper Sandler boosted their price objective on shares of Kellanova from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Kellanova currently has a consensus rating of “Hold” and a consensus target price of $62.79.

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.