Zurcher Kantonalbank Zurich Cantonalbank Sells 49,681 Shares of Kellanova (NYSE:K)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Kellanova (NYSE:K) by 28.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,138 shares of the company’s stock after selling 49,681 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Kellanova were worth $10,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. D. E. Shaw & Co. Inc. raised its position in Kellanova by 766.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock valued at $108,532,000 after purchasing an additional 1,664,461 shares during the last quarter. Maverick Capital Ltd. purchased a new position in shares of Kellanova during the second quarter valued at approximately $88,065,000. Point72 Asset Management L.P. bought a new position in shares of Kellanova during the second quarter valued at approximately $63,585,000. AQR Capital Management LLC lifted its stake in Kellanova by 130.1% in the second quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock worth $62,122,000 after acquiring an additional 608,989 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Kellanova by 142.9% in the second quarter. Canada Pension Plan Investment Board now owns 800,484 shares of the company’s stock valued at $46,172,000 after acquiring an additional 470,910 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the sale, the insider now owns 50,482,855 shares of the company’s stock, valued at $4,051,249,113.75. This trade represents a 0.23 % decrease in their position. 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 1,145,830 shares of company stock worth $92,516,606. Insiders own 1.80% of the company’s stock.

Kellanova Price Performance

K opened at $81.29 on Monday. Kellanova has a 1 year low of $51.02 and a 1 year high of $81.34. The stock has a 50-day moving average price of $80.82 and a 200-day moving average price of $71.39. The firm has a market cap of $28.02 billion, a PE ratio of 27.93, a P/E/G ratio of 2.61 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 (NYSE:K) last issued its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the firm posted $1.03 earnings per share. The business’s revenue was down .7% on a year-over-year basis. Sell-side analysts predict that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.80%. Kellanova’s dividend payout ratio is 78.35%.

Analyst Upgrades and Downgrades

Several research analysts have commented on K shares. Wells Fargo & Company upped their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Piper Sandler increased their price target on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Stifel Nicolaus lifted their price objective on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Finally, Barclays lifted their price target on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Fifteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Kellanova has an average rating of “Hold” and an average price target of $76.35.

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.