Cambridge Trust Co. Cuts Stock Holdings in Kellanova (NYSE:K)

Cambridge Trust Co. decreased its holdings in shares of Kellanova (NYSE:K) by 5.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 5,300 shares of the company’s stock after selling 300 shares during the period. Cambridge Trust Co.’s holdings in Kellanova were worth $304,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of K. Bfsg LLC raised its position in 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 in the last quarter. BNP Paribas purchased a new position in shares of Kellanova in the 1st quarter valued at about $30,000. Motco lifted its stake in shares of Kellanova by 757.6% in the fourth quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares during the period. Blue Trust Inc. boosted its holdings in Kellanova by 55.1% during the fourth quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after buying an additional 206 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Kellanova by 139.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays lowered their price target on Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. Piper Sandler raised their price target on Kellanova from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday. DA Davidson boosted their price objective on shares of Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Royal Bank of Canada lifted their target price on shares of Kellanova from $60.00 to $62.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $62.00 to $70.00 in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Kellanova presently has an average rating of “Hold” and a consensus target price of $62.79.

Kellanova Stock Performance

Shares of NYSE:K traded up $0.93 on Friday, hitting $62.98. 4,730,736 shares of the company were exchanged, compared to its average volume of 2,053,996. The company’s 50 day moving average price is $58.25 and its two-hundred day moving average price is $57.22. The firm has a market capitalization of $21.53 billion, a price-to-earnings ratio of 23.59, a PEG ratio of 2.22 and a beta of 0.34. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.41 and a current ratio of 0.73. Kellanova has a one year low of $47.63 and a one year high of $67.79.

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

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.57 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 3.62%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 83.90%.

Insider Buying and Selling at Kellanova

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

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.