Moors & Cabot Inc. Decreases Stake in Kellanova (NYSE:K)

Moors & Cabot Inc. cut its stake in Kellanova (NYSE:K) by 5.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,114 shares of the company’s stock after selling 467 shares during the period. Moors & Cabot Inc.’s holdings in Kellanova were worth $655,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Blue Trust Inc. raised 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 worth $27,000 after purchasing an additional 170 shares during the last quarter. Family Firm Inc. acquired a new position in Kellanova in the 2nd quarter worth approximately $29,000. CVA Family Office LLC increased its holdings in Kellanova by 529.3% in the 3rd quarter. CVA Family Office LLC now owns 365 shares of the company’s stock worth $29,000 after buying an additional 307 shares during the period. Newbridge Financial Services Group Inc. raised its position in Kellanova by 61.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock worth $30,000 after buying an additional 200 shares during the last quarter. Finally, MCF Advisors LLC lifted its stake in Kellanova by 48.8% during the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock valued at $34,000 after acquiring an additional 137 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

NYSE:K opened at $81.17 on Friday. The company has a fifty day moving average of $80.77 and a two-hundred day moving average of $70.58. Kellanova has a fifty-two week low of $51.02 and a fifty-two week high of $81.34. The stock has a market capitalization of $27.98 billion, a PE ratio of 27.89, a P/E/G ratio of 2.59 and a beta of 0.39. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share 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 during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. As a group, research analysts forecast that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a yield of 2.81%. Kellanova’s payout ratio is 78.35%.

Analyst Upgrades and Downgrades

K has been the subject of several recent research reports. StockNews.com assumed coverage on shares of Kellanova in a report on Wednesday. They set a “hold” rating for the company. DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $80.00 to $83.50 in a report on Monday, August 26th. Piper Sandler raised their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and boosted their price target for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Finally, Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.35.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $80.99, for a total transaction of $9,280,077.17. Following the transaction, the insider now owns 49,337,025 shares of the company’s stock, valued at approximately $3,995,805,654.75. The trade was a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 1,109,047 shares of company stock valued at $89,483,556 in the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

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.