Mackenzie Financial Corp Has $8.54 Million Stake in Kellanova (NYSE:K)

Mackenzie Financial Corp decreased its stake in shares of Kellanova (NYSE:K - Free Report) by 23.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 148,024 shares of the company's stock after selling 45,176 shares during the period. Mackenzie Financial Corp's holdings in Kellanova were worth $8,538,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company's stock valued at $27,000 after buying an additional 170 shares in the last quarter. Family Firm Inc. acquired a new position in shares of Kellanova in the 2nd quarter worth approximately $29,000. BNP Paribas bought a new stake in shares of Kellanova in the 1st quarter worth approximately $30,000. Ridgewood Investments LLC bought a new stake in shares of Kellanova in the 2nd quarter worth approximately $39,000. Finally, YHB Investment Advisors Inc. acquired a new stake in Kellanova during the first quarter valued at approximately $42,000. 83.87% of the stock is currently owned by institutional investors.

Kellanova Stock Performance

K traded down $0.11 during trading on Tuesday, hitting $80.60. The stock had a trading volume of 1,597,553 shares, compared to its average volume of 3,232,798. The firm has a market cap of $27.56 billion, a PE ratio of 30.18, a P/E/G ratio of 2.59 and a beta of 0.39. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. Kellanova has a 12 month low of $47.63 and a 12 month high of $81.00. The company has a 50 day simple moving average of $75.15 and a 200-day simple moving average of $64.19.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping 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 company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the business posted $1.25 EPS. The company's revenue for the quarter was down 4.7% on a year-over-year basis. Analysts expect that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Tuesday, September 3rd. This is a positive change from Kellanova's previous quarterly dividend of $0.56. Kellanova's dividend payout ratio (DPR) is presently 85.39%.

Analyst Ratings Changes

A number of research firms recently weighed in on K. Wells Fargo & Company increased their price target on Kellanova from $76.00 to $83.50 and gave the company an "equal weight" rating in a research report on Thursday, August 15th. Barclays lifted their target price on shares of Kellanova from $67.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 15th. Bank of America upgraded shares of Kellanova from a "neutral" rating to a "buy" rating and boosted their price target for the company from $62.00 to $70.00 in a report on Friday, August 2nd. StockNews.com assumed coverage on shares of Kellanova in a research note on Wednesday, September 25th. They issued a "hold" rating for the company. Finally, Piper Sandler boosted their target price 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. Fourteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $74.32.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the sale, the insider now directly owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company's stock in a transaction on Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the sale, the insider now directly owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $80.72, for a total value of $9,249,139.76. Following the transaction, the insider now owns 50,139,106 shares of the company's stock, valued at $4,047,228,636.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,080,732 shares of company stock worth $79,115,595. 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.