Amalgamated Bank Reduces Stake in Kellanova (NYSE:K)

Amalgamated Bank lessened its holdings in shares of Kellanova (NYSE:K) by 7.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,574 shares of the company’s stock after selling 4,988 shares during the quarter. Amalgamated Bank’s holdings in Kellanova were worth $3,554,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. West Family Investments Inc. bought a new stake in Kellanova during the fourth quarter worth about $268,000. Fisher Asset Management LLC boosted its position in shares of Kellanova by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 63,503 shares of the company’s stock worth $3,550,000 after purchasing an additional 257 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in shares of Kellanova by 3.4% in the 4th quarter. First Trust Direct Indexing L.P. now owns 12,407 shares of the company’s stock worth $694,000 after buying an additional 408 shares during the last quarter. Savant Capital LLC bought a new position in Kellanova during the 4th quarter valued at approximately $218,000. Finally, Anchor Capital Advisors LLC purchased a new position in Kellanova during the fourth quarter valued at $38,939,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Down 1.2 %

Shares of K opened at $61.60 on Friday. Kellanova has a 12-month low of $47.63 and a 12-month high of $71.19. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $21.06 billion, a PE ratio of 23.07, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39. The business’s 50 day moving average is $56.54 and its 200 day moving average is $54.85.

Kellanova (NYSE:K) last released its earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.10 earnings per share. Research analysts expect that Kellanova will post 3.58 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be issued a $0.56 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.64%. Kellanova’s dividend payout ratio (DPR) is 83.90%.

Insider Buying and Selling

In other news, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares in the company, valued at approximately $1,572,769.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the completion of the transaction, the insider now directly owns 51,764,438 shares of the company’s stock, valued at approximately $3,153,489,562.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the completion of the sale, the senior vice president now directly owns 26,191 shares in the company, valued at $1,572,769.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 943,400 shares of company stock worth $53,047,474. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

K has been the subject of several analyst reports. Citigroup initiated coverage on Kellanova in a report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target for the company. 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. TD Cowen upped their target price on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. DA Davidson raised their price target on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Barclays upped their price objective on Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday. Twelve analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.85.

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.