Kellanova (NYSE:K) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd reduced its stake in Kellanova (NYSE:K) by 30.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 100,383 shares of the company’s stock after selling 44,560 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Kellanova were worth $5,612,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Franklin Resources Inc. boosted its position in shares of Kellanova by 26.4% during the fourth quarter. Franklin Resources Inc. now owns 427,825 shares of the company’s stock worth $23,920,000 after buying an additional 89,334 shares during the period. CreativeOne Wealth LLC boosted its position in shares of Kellanova by 75.1% during the fourth quarter. CreativeOne Wealth LLC now owns 7,755 shares of the company’s stock worth $434,000 after buying an additional 3,325 shares during the period. Quest Partners LLC acquired a new position in shares of Kellanova during the fourth quarter worth approximately $478,000. Trexquant Investment LP acquired a new stake in Kellanova in the fourth quarter worth approximately $4,920,000. Finally, Sachetta LLC acquired a new stake in Kellanova in the fourth quarter worth approximately $81,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on K. Wells Fargo & Company upped their target price on Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. Piper Sandler upped their target price on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Barclays upped their target price on Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday, May 6th. Citigroup started coverage on Kellanova in a research report on Thursday, February 1st. They issued a “neutral” rating and a $57.00 target price for the company. Finally, JPMorgan Chase & Co. upped their price target on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.85.

Kellanova Stock Performance

K stock traded down $0.20 during mid-day trading on Thursday, reaching $61.44. 151,568 shares of the stock traded hands, compared to its average volume of 3,085,073. The business has a 50-day moving average of $58.13 and a two-hundred day moving average of $55.64. The firm has a market capitalization of $21.01 billion, a PE ratio of 23.08, a P/E/G ratio of 2.21 and a beta of 0.39. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. Kellanova has a 52 week low of $47.63 and a 52 week high of $68.93.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.10 earnings per share. As a group, equities analysts predict that Kellanova will post 3.62 EPS for the current fiscal year.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Monday, June 3rd. Kellanova’s dividend payout ratio is currently 83.90%.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $53.44, for a total value of $4,157,632.00. Following the completion of the transaction, the insider now owns 52,386,838 shares of the company’s stock, valued at $2,799,552,622.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $53.44, for a total value of $4,157,632.00. Following the completion of the transaction, the insider now owns 52,386,838 shares of the company’s stock, valued at $2,799,552,622.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the sale, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 943,400 shares of company stock valued at $54,183,354. Insiders own 1.80% of the company’s stock.

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.