Swiss National Bank Increases Stock Position in Kellanova (NYSE:K)

Swiss National Bank grew its position in shares of Kellanova (NYSE:K) by 0.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 811,800 shares of the company’s stock after purchasing an additional 2,500 shares during the quarter. Swiss National Bank owned approximately 0.24% of Kellanova worth $65,520,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in K. Thrivent Financial for Lutherans grew its position in shares of Kellanova by 7.1% during the third quarter. Thrivent Financial for Lutherans now owns 21,682 shares of the company’s stock worth $1,750,000 after acquiring an additional 1,432 shares during the last quarter. Mizuho Securities USA LLC grew its position in Kellanova by 511.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 124,188 shares of the company’s stock worth $10,023,000 after purchasing an additional 103,892 shares during the last quarter. Empirical Finance LLC increased its stake in Kellanova by 2.0% in the third quarter. Empirical Finance LLC now owns 8,891 shares of the company’s stock valued at $718,000 after purchasing an additional 175 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Kellanova by 7.0% in the third quarter. CIBC Asset Management Inc now owns 47,901 shares of the company’s stock valued at $3,866,000 after buying an additional 3,149 shares during the last quarter. Finally, Impax Asset Management Group plc acquired a new stake in shares of Kellanova during the third quarter worth about $4,991,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on K shares. Royal Bank of Canada cut Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from $76.00 to $83.50 in a research report on Thursday, August 15th. JPMorgan Chase & Co. increased their price target on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Piper Sandler boosted their price objective 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. StockNews.com began coverage on shares of Kellanova in a research report on Wednesday. They set a “hold” rating for the company. Finally, DA Davidson downgraded shares of Kellanova from a “buy” rating to a “neutral” rating and lifted their target price for the company from $80.00 to $83.50 in a report on Monday, August 26th. Fifteen analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $76.35.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $80.76, for a total value of $9,253,723.08. Following the completion of the transaction, the insider now directly owns 49,680,774 shares of the company’s stock, valued at $4,012,219,308.24. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 994,464 shares of company stock valued at $80,203,479 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Down 0.1 %

NYSE:K opened at $80.50 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. Kellanova has a 1-year low of $51.02 and a 1-year high of $81.34. The business’s fifty day moving average price is $80.73 and its 200 day moving average price is $70.29. The firm has a market capitalization of $27.75 billion, a price-to-earnings ratio of 27.66, a PEG ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. Kellanova’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.03 EPS. On average, sell-side analysts forecast that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova’s dividend payout ratio is currently 78.35%.

Kellanova Company 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.