Oppenheimer Asset Management Inc. Trims Position in Kellanova (NYSE:K)

Oppenheimer Asset Management Inc. decreased its stake in shares of Kellanova (NYSE:K - Free Report) by 95.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,530 shares of the company's stock after selling 71,545 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Kellanova were worth $285,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in K. Blue Trust Inc. grew its stake in shares of Kellanova by 57.2% in 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 stake in shares of Kellanova in the second quarter valued at $29,000. CVA Family Office LLC grew its stake in shares of Kellanova by 529.3% in the third quarter. CVA Family Office LLC now owns 365 shares of the company's stock valued at $29,000 after buying an additional 307 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Kellanova by 61.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company's stock valued at $30,000 after buying an additional 200 shares in the last quarter. Finally, MCF Advisors LLC grew its stake in Kellanova by 48.8% during the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company's stock worth $34,000 after purchasing an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction that occurred on 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 sale, the insider now owns 49,680,774 shares of the company's stock, valued at approximately $4,012,219,308.24. This represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 994,464 shares of company stock valued at $80,203,479. 1.80% of the stock is owned by corporate insiders.

Kellanova Stock Performance

NYSE K opened at $80.77 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The business's 50 day moving average is $80.75 and its two-hundred day moving average is $70.43. Kellanova has a 12-month low of $51.02 and a 12-month high of $81.34. The stock has a market capitalization of $27.84 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K - Get Free Report) last released 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. The business had revenue of $3.23 billion for the quarter, compared to analysts' expectations of $3.16 billion. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The company's revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. Research analysts expect that Kellanova will post 3.74 EPS for the current year.

Kellanova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Monday, December 2nd. Kellanova's dividend payout ratio is currently 78.35%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on K shares. Barclays boosted their target price on Kellanova from $67.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 15th. Wells Fargo & Company boosted their target price on Kellanova from $76.00 to $83.50 and gave the stock an "equal weight" rating in a research note on Thursday, August 15th. Piper Sandler boosted their target price on Kellanova from $63.00 to $83.50 and gave the stock a "neutral" rating in a research note on Thursday, August 15th. Argus cut Kellanova from a "buy" rating to a "hold" rating in a research note on Wednesday, October 2nd. Finally, BNP Paribas downgraded Kellanova from an "outperform" rating to a "neutral" rating and set a $83.00 price target for the company. in a report 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. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $76.35.

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.