Prudential PLC Has $6.33 Million Stock Holdings in Kellanova (NYSE:K)

Prudential PLC lowered its position in shares of Kellanova (NYSE:K) by 3.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 109,785 shares of the company’s stock after selling 4,010 shares during the quarter. Prudential PLC’s holdings in Kellanova were worth $6,332,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of K. Blue Trust Inc. raised its position 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 position in Kellanova in the 2nd quarter valued at $29,000. BNP Paribas bought a new stake in shares of Kellanova during the 1st quarter valued at $30,000. Motco lifted its position in shares of Kellanova by 757.6% during the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Finally, Ridgewood Investments LLC acquired a new stake in shares of Kellanova during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the sale, the insider now owns 50,482,855 shares of the company’s stock, valued at approximately $4,051,249,113.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $57.71, for a total value of $4,489,838.00. Following the completion of the sale, the insider now directly owns 51,297,638 shares of the company’s stock, valued at $2,960,386,688.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the transaction, the insider now owns 50,482,855 shares in the company, valued at approximately $4,051,249,113.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 970,383 shares of company stock valued at $64,858,852. 1.80% of the stock is owned by company insiders.

Kellanova Price Performance

Shares of NYSE K opened at $80.19 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $27.45 billion, a PE ratio of 30.03, a P/E/G ratio of 2.57 and a beta of 0.38. The firm has a fifty day simple moving average of $68.08 and a 200 day simple moving average of $61.47. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.97.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the company posted $1.25 earnings per share. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, sell-side analysts forecast that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.84%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. Kellanova’s payout ratio is presently 85.39%.

Wall Street Analyst Weigh In

K has been the subject of a number of recent analyst reports. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft upped their target price on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Evercore ISI raised Kellanova to a “hold” rating in a report on Friday, August 2nd. Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, The Goldman Sachs Group began coverage on Kellanova in a research note on Monday, August 12th. They issued a “neutral” rating and a $75.00 price objective on the stock. Fourteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Kellanova presently has a consensus rating of “Hold” and a consensus target price of $74.32.

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.