Kornitzer Capital Management Inc. KS Sells 1,338 Shares of Kellanova (NYSE:K)

Kornitzer Capital Management Inc. KS lessened its stake in Kellanova (NYSE:K) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 240,315 shares of the company’s stock after selling 1,338 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Kellanova were worth $19,396,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Olympiad Research LP purchased a new position in Kellanova in the 3rd quarter valued at approximately $2,006,000. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 24,067 shares in the last quarter. Graypoint LLC increased its holdings in Kellanova by 15.8% during 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 during the period. M&G PLC raised its stake in Kellanova by 20.7% in the third quarter. M&G PLC now owns 62,841 shares of the company’s stock valued at $5,090,000 after purchasing an additional 10,788 shares in the last quarter. Finally, Greenwood Capital Associates LLC bought a new stake in shares of Kellanova during the 3rd quarter worth $1,457,000. 83.87% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.96, for a total transaction of $9,276,639.68. Following the completion of the sale, the insider now owns 49,795,357 shares in the company, valued at approximately $4,031,432,102.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $80.62, for a total transaction of $6,272,236.00. Following the completion of the transaction, the insider now owns 50,597,438 shares of the company’s stock, valued at $4,079,165,451.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.96, for a total value of $9,276,639.68. Following the completion of the transaction, the insider now directly owns 49,795,357 shares of the company’s stock, valued at approximately $4,031,432,102.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,150,064 shares of company stock valued at $92,680,265. 1.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore ISI raised Kellanova to a “hold” rating in a research note on Friday, August 2nd. Stifel Nicolaus lifted their price target on shares of Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research note on Monday, August 12th. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and increased their target price for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Piper Sandler lifted their price objective on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, Wells Fargo & Company increased their target price on Kellanova from $76.00 to $83.50 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Sixteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Kellanova presently has a consensus rating of “Hold” and a consensus price target of $74.96.

Kellanova Price Performance

Shares of K traded up $0.08 during mid-day trading on Thursday, hitting $81.02. 74,876 shares of the stock were exchanged, compared to its average volume of 3,060,786. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77. The company has a market cap of $27.93 billion, a PE ratio of 27.82, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. Kellanova has a 52-week low of $51.02 and a 52-week high of $81.26. The firm has a 50-day moving average of $80.64 and a two-hundred day moving average of $68.87.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.85 by $0.06. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. Kellanova’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business earned $1.03 earnings per share. On average, equities analysts predict that Kellanova will post 3.74 earnings per share for the current year.

Kellanova Dividend Announcement

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 dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.81%. Kellanova’s payout ratio is 78.35%.

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.