Eastern Bank Makes New Investment in Kellanova (NYSE:K)

Eastern Bank acquired a new stake in shares of Kellanova (NYSE:K) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,300 shares of the company’s stock, valued at approximately $428,000.

Several other large investors have also modified their holdings of the stock. CVA Family Office LLC raised its position in shares of 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. Blue Trust Inc. raised its holdings in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. Family Firm Inc. acquired a new position in shares of Kellanova in the 2nd quarter valued at about $29,000. BNP Paribas acquired a new position in shares of Kellanova in the 1st quarter valued at about $30,000. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of 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 purchasing an additional 200 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Trading Up 0.0 %

NYSE K opened at $80.96 on Thursday. The company’s fifty day moving average price is $80.58 and its two-hundred day moving average price is $67.15. The company has a market capitalization of $27.68 billion, a price-to-earnings ratio of 30.32, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. Kellanova has a 12 month low of $49.41 and a 12 month high of $81.26. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. Kellanova’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.25 earnings per share. As a group, research analysts predict that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 annualized dividend and a yield of 2.82%. Kellanova’s payout ratio is presently 85.39%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $57.23, for a total transaction of $4,452,494.00. Following the completion of the sale, the insider now owns 50,908,638 shares of the company’s stock, valued at $2,913,501,352.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 that occurred on Monday, July 29th. The stock was sold at an average price of $57.23, for a total value of $4,452,494.00. Following the sale, the insider now owns 50,908,638 shares of the company’s stock, valued at approximately $2,913,501,352.74. This trade 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. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $80.65, for a total value of $9,241,118.95. Following the transaction, the insider now owns 50,368,272 shares of the company’s stock, valued at $4,062,201,136.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,191,081 shares of company stock valued at $93,637,014. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on K shares. JPMorgan Chase & Co. lifted their price target on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. DA Davidson cut shares of Kellanova from a “buy” rating to a “neutral” rating and upped their price target for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Argus lowered Kellanova from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. The Goldman Sachs Group initiated coverage on Kellanova in a research report on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price for the company. Finally, Piper Sandler raised their target price on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $74.32.

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.