Central Pacific Bank Trust Division Acquires New Stake in Kellanova (NYSE:K)

Central Pacific Bank Trust Division bought a new stake in shares of Kellanova (NYSE:K) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,500 shares of the company’s stock, valued at approximately $143,000.

Several other institutional investors also recently bought and sold shares of the company. FORA Capital LLC purchased a new position in Kellanova in the 1st quarter valued at approximately $799,000. Daiwa Securities Group Inc. grew its stake in Kellanova by 6.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 26,722 shares of the company’s stock worth $1,531,000 after purchasing an additional 1,713 shares in the last quarter. Graypoint LLC increased its holdings in Kellanova by 32.6% during the 1st quarter. Graypoint LLC now owns 9,201 shares of the company’s stock worth $527,000 after purchasing an additional 2,262 shares during the period. Fidelis Capital Partners LLC acquired a new stake in Kellanova in the 1st quarter valued at about $152,000. Finally, BNP Paribas purchased a new position in shares of Kellanova in the 1st quarter valued at about $30,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Stock Performance

Shares of Kellanova stock traded up $0.35 during trading hours on Wednesday, hitting $56.72. 251,866 shares of the company were exchanged, compared to its average volume of 2,860,725. Kellanova has a 1 year low of $47.63 and a 1 year high of $68.23. 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 business has a 50-day moving average of $59.49 and a 200-day moving average of $56.99. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 21.11, a P/E/G ratio of 1.99 and a beta of 0.34.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the company posted $1.10 earnings per share. Kellanova’s quarterly revenue was down 4.2% on a year-over-year basis. As a group, analysts expect that Kellanova will post 3.62 EPS for the current fiscal year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Monday, June 3rd were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend was Monday, June 3rd. Kellanova’s dividend payout ratio is presently 83.90%.

Analyst Ratings Changes

A number of brokerages have recently commented on K. TD Cowen boosted their price objective on Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. boosted their target price on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. DA Davidson boosted their target price on Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Finally, Barclays boosted their target price on Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Eleven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.83.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $57.76, for a total transaction of $4,493,728.00. Following the transaction, the insider now owns 51,920,038 shares of the company’s stock, valued at $2,998,901,394.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $57.76, for a total value of $4,493,728.00. Following the sale, the insider now owns 51,920,038 shares of the company’s stock, valued at $2,998,901,394.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value 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 approximately $1,572,769.55. The disclosure for this sale can be found here. Insiders have sold 865,600 shares of company stock valued at $50,838,732 over the last quarter. Company insiders own 1.80% of the company’s stock.

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.