Franklin Resources Inc. Sells 242,795 Shares of Kellanova (NYSE:K)

Franklin Resources Inc. decreased its stake in shares of Kellanova (NYSE:K) by 47.7% during the third quarter, Holdings Channel reports. The firm owned 266,011 shares of the company’s stock after selling 242,795 shares during the quarter. Franklin Resources Inc.’s holdings in Kellanova were worth $21,448,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Blue Trust Inc. raised its position in Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after acquiring an additional 170 shares during the period. Family Firm Inc. purchased a new position in Kellanova during the second quarter valued at $29,000. CVA Family Office LLC grew its holdings in Kellanova by 529.3% during the third quarter. CVA Family Office LLC now owns 365 shares of the company’s stock valued at $29,000 after purchasing an additional 307 shares during the period. Newbridge Financial Services Group Inc. grew its holdings in Kellanova by 61.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the period. Finally, MCF Advisors LLC raised its stake in shares of Kellanova by 48.8% in the third quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after buying an additional 137 shares during the period. Institutional investors own 83.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on K. Argus cut shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. BNP Paribas lowered Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target for the company. in a research note on Friday, November 1st. StockNews.com initiated coverage on Kellanova in a research report on Saturday, December 14th. They issued a “hold” rating on the stock. Finally, DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and increased their target price for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Fifteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Kellanova presently has an average rating of “Hold” and a consensus price target of $76.35.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $81.21, for a total transaction of $9,305,285.43. Following the sale, the insider now owns 49,222,442 shares of the company’s stock, valued at approximately $3,997,354,514.82. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 1,031,247 shares of company stock valued at $83,327,049. 1.80% of the stock is currently owned by insiders.

Kellanova Price Performance

K stock opened at $80.34 on Friday. The company has a fifty day simple moving average of $80.81 and a two-hundred day simple moving average of $73.23. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $27.69 billion, a P/E ratio of 27.61, a price-to-earnings-growth ratio of 2.59 and a beta of 0.38. Kellanova has a 52 week low of $52.46 and a 52 week high of $81.34.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.91 EPS 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 company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. Kellanova’s quarterly revenue was down .7% compared to the same quarter last year. Analysts anticipate that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Monday, December 2nd. Kellanova’s dividend payout ratio (DPR) is currently 78.35%.

Kellanova 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.