Kellanova (NYSE:K) Stock Position Reduced by Sessa Capital IM L.P.

Sessa Capital IM L.P. reduced its stake in shares of Kellanova (NYSE:K - Free Report) by 86.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 913,136 shares of the company's stock after selling 6,046,172 shares during the quarter. Kellanova comprises approximately 2.7% of Sessa Capital IM L.P.'s portfolio, making the stock its 14th largest holding. Sessa Capital IM L.P. owned about 0.26% of Kellanova worth $73,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Swedbank AB grew its position in shares of Kellanova by 20.5% during the third quarter. Swedbank AB now owns 273,521 shares of the company's stock worth $22,076,000 after acquiring an additional 46,450 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Kellanova by 4.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company's stock worth $14,705,000 after purchasing an additional 10,676 shares during the last quarter. SG Americas Securities LLC increased its stake in Kellanova by 498.7% in the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company's stock valued at $15,049,000 after purchasing an additional 217,320 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Kellanova by 6.9% in the third quarter. Principal Financial Group Inc. now owns 373,792 shares of the company's stock valued at $30,169,000 after buying an additional 24,067 shares during the last quarter. Finally, Atria Investments Inc acquired a new stake in shares of Kellanova during the first quarter worth about $1,003,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

K has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on Kellanova in a research report on Monday, August 12th. They issued a "neutral" rating and a $75.00 price target on the stock. Barclays boosted their target price on Kellanova from $67.00 to $83.00 and gave the company an "equal weight" rating in a report on Thursday, August 15th. Royal Bank of Canada downgraded Kellanova from an "outperform" rating to a "sector perform" rating and increased their price target for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. BNP Paribas cut shares of Kellanova from an "outperform" rating to a "neutral" rating and set a $83.00 price objective on the stock. in a research note on Friday, November 1st. Finally, Evercore ISI upgraded shares of Kellanova to a "hold" rating in a research note on Friday, August 2nd. Fifteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $76.35.

Kellanova Trading Up 0.2 %

NYSE K traded up $0.15 during mid-day trading on Friday, hitting $81.17. The company's stock had a trading volume of 1,524,975 shares, compared to its average volume of 3,009,389. The firm has a market capitalization of $27.98 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53. Kellanova has a 52-week low of $51.02 and a 52-week high of $81.34. The stock's fifty day simple moving average is $80.76 and its two-hundred day simple moving average is $70.50.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The firm had revenue of $3.23 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same period in the prior year, the company earned $1.03 EPS. The firm's revenue was down .7% on a year-over-year basis. Research analysts expect that Kellanova will post 3.74 EPS for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.81%. The ex-dividend date is Monday, December 2nd. Kellanova's dividend payout ratio (DPR) is presently 78.35%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $80.99, for a total value of $9,280,077.17. Following the transaction, the insider now owns 49,337,025 shares in the company, valued at approximately $3,995,805,654.75. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,109,047 shares of company stock worth $89,483,556 in the last 90 days. 1.80% of the stock is owned by company 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.