Allspring Global Investments Holdings LLC Has $20.22 Million Stock Holdings in Kellanova (NYSE:K)

Allspring Global Investments Holdings LLC cut its position in Kellanova (NYSE:K) by 31.0% during the 4th quarter, HoldingsChannel reports. The firm owned 361,623 shares of the company’s stock after selling 162,762 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kellanova were worth $20,218,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Oakworth Capital Inc. increased its stake in Kellanova by 491.3% in the 3rd quarter. Oakworth Capital Inc. now owns 473 shares of the company’s stock valued at $28,000 after buying an additional 393 shares during the last quarter. Norwood Financial Corp increased its stake in shares of Kellanova by 81.8% during the 3rd quarter. Norwood Financial Corp now owns 500 shares of the company’s stock worth $30,000 after purchasing an additional 225 shares during the last quarter. Baker Avenue Asset Management LP increased its stake in shares of Kellanova by 205.4% during the 3rd quarter. Baker Avenue Asset Management LP now owns 507 shares of the company’s stock worth $30,000 after purchasing an additional 341 shares during the last quarter. Cowa LLC acquired a new position in shares of Kellanova during the 1st quarter worth about $33,000. Finally, Blue Trust Inc. increased its stake in shares of Kellanova by 55.1% during the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock worth $34,000 after purchasing an additional 206 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on K shares. JPMorgan Chase & Co. boosted their price objective on shares of Kellanova from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Citigroup started coverage on shares of Kellanova in a research note on Thursday, February 1st. They set a “neutral” rating and a $57.00 price objective on the stock. Wells Fargo & Company lifted their target price on shares of Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a report on Friday, February 9th. StockNews.com downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Finally, Piper Sandler lifted their target price on shares of Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Kellanova currently has an average rating of “Hold” and an average target price of $62.27.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $52.90, for a total transaction of $4,115,620.00. Following the completion of the transaction, the insider now directly owns 52,309,038 shares in the company, valued at approximately $2,767,148,110.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 933,600 shares of company stock worth $51,259,308. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Price Performance

Shares of NYSE:K opened at $55.42 on Friday. The firm has a 50 day moving average of $55.41 and a 200-day moving average of $54.06. The stock has a market capitalization of $18.94 billion, a PE ratio of 20.15, a PEG ratio of 2.10 and a beta of 0.40. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51. Kellanova has a 12 month low of $47.63 and a 12 month high of $72.30.

Kellanova (NYSE:K) last issued its earnings results on Thursday, February 8th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.74 by $0.04. The company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 EPS. On average, equities research analysts predict that Kellanova will post 3.57 EPS for the current fiscal year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Thursday, February 29th. Kellanova’s payout ratio is presently 81.45%.

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.