JPMorgan Chase & Co. Trims Stake in Kellanova (NYSE:K)

JPMorgan Chase & Co. reduced its stake in Kellanova (NYSE:K - Free Report) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,466,573 shares of the company's stock after selling 15,001 shares during the quarter. JPMorgan Chase & Co. owned about 0.43% of Kellanova worth $118,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of K. Principal Financial Group Inc. grew its position in Kellanova by 6.9% in the third quarter. Principal Financial Group Inc. now owns 373,792 shares of the company's stock worth $30,169,000 after acquiring an additional 24,067 shares in the last quarter. Retirement Systems of Alabama lifted its stake in Kellanova by 0.6% during the third quarter. Retirement Systems of Alabama now owns 58,422 shares of the company's stock worth $4,715,000 after purchasing an additional 351 shares during the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of Kellanova by 0.6% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 81,629 shares of the company's stock worth $6,587,000 after purchasing an additional 507 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Kellanova during the 3rd quarter valued at about $210,000. Finally, Sanctuary Advisors LLC raised its holdings in shares of Kellanova by 1.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 8,502 shares of the company's stock valued at $690,000 after buying an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Analysts Set New Price Targets

K has been the topic of a number of recent research reports. Argus cut shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Wednesday, October 2nd. StockNews.com initiated coverage on shares of Kellanova in a report on Monday. They set a "hold" rating on the stock. Finally, BNP Paribas downgraded shares of Kellanova from an "outperform" rating to a "neutral" rating and set a $83.00 price target for the company. in a research note on Friday, November 1st. Fifteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $76.35.

Kellanova Stock Up 0.1 %

K traded up $0.09 during midday trading on Thursday, reaching $81.06. The company's stock had a trading volume of 2,041,015 shares, compared to its average volume of 2,899,227. The stock's 50-day moving average is $80.81 and its 200-day moving average is $74.73. Kellanova has a 1 year low of $52.46 and a 1 year high of $81.34. The firm has a market capitalization of $27.94 billion, a price-to-earnings ratio of 27.86, a PEG ratio of 2.59 and a beta of 0.38. 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 (NYSE:K - Get Free Report) last posted 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. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter last year, the company earned $1.03 EPS. The firm's revenue for the quarter was down .7% on a year-over-year basis. As a group, research analysts expect that Kellanova will post 3.74 EPS for the current year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a $0.57 dividend. The ex-dividend date was Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a yield of 2.81%. Kellanova's payout ratio is currently 78.35%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $80.63, for a total value of $9,238,827.29. Following the completion of the sale, the insider now directly owns 49,909,940 shares in the company, valued at $4,024,238,462.20. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 1,031,247 shares of company stock valued at $83,337,362. 1.80% of the stock is owned by corporate insiders.

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.