Berkshire Asset Management LLC PA Reduces Holdings in Kellanova (NYSE:K)

Berkshire Asset Management LLC PA reduced its holdings in shares of Kellanova (NYSE:K) by 26.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,537 shares of the company’s stock after selling 2,364 shares during the period. Berkshire Asset Management LLC PA’s holdings in Kellanova were worth $535,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in K. M&G PLC raised its stake in shares of Kellanova by 20.7% in the third quarter. M&G PLC now owns 62,841 shares of the company’s stock worth $5,090,000 after buying an additional 10,788 shares during the period. Graypoint LLC increased its holdings in Kellanova by 15.8% in the 3rd quarter. Graypoint LLC now owns 10,762 shares of the company’s stock worth $869,000 after acquiring an additional 1,470 shares in the last quarter. Principal Financial Group Inc. raised its stake in Kellanova by 6.9% during the 3rd 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 during the period. Capital Performance Advisors LLP purchased a new position in Kellanova during the third quarter valued at approximately $55,000. Finally, Assetmark Inc. boosted its position in shares of Kellanova by 26.2% in the third quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after purchasing an additional 131 shares during the period. 83.87% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $80.64, for a total transaction of $9,239,973.12. Following the transaction, the insider now directly owns 48,878,693 shares in the company, valued at approximately $3,941,577,803.52. This represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 1,260,413 shares of company stock valued at $102,920,742 in the last ninety days. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

K has been the topic of several recent analyst reports. StockNews.com assumed coverage on shares of Kellanova in a research report on Tuesday. They set a “hold” rating on the stock. Royal Bank of Canada upgraded Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 price target for the company in a research note on Tuesday, February 18th. Thirteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $77.96.

Kellanova Price Performance

NYSE:K opened at $82.45 on Friday. The business’s 50-day moving average is $81.92 and its 200 day moving average is $81.12. Kellanova has a 12 month low of $52.46 and a 12 month high of $83.22. The company has a market capitalization of $28.46 billion, a P/E ratio of 21.31, a P/E/G ratio of 4.21 and a beta of 0.31. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. On average, equities research analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.57 per share. The ex-dividend date is Monday, March 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 2.77%. Kellanova’s dividend payout ratio (DPR) is presently 58.91%.

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.