Savoir Faire Capital Management L.P. Sells 14,769 Shares of Kellanova (NYSE:K)

Savoir Faire Capital Management L.P. trimmed its position in shares of Kellanova (NYSE:K) by 17.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 69,302 shares of the company’s stock after selling 14,769 shares during the period. Kellanova makes up approximately 1.6% of Savoir Faire Capital Management L.P.’s holdings, making the stock its 29th largest holding. Savoir Faire Capital Management L.P.’s holdings in Kellanova were worth $3,997,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Blue Trust Inc. lifted its stake in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after purchasing an additional 170 shares during the period. Family Firm Inc. bought a new position in Kellanova in the second quarter worth $29,000. BNP Paribas purchased a new position in Kellanova during the first quarter valued at $30,000. Motco boosted its holdings in shares of Kellanova by 757.6% during the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after buying an additional 500 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of Kellanova in the 2nd quarter worth about $39,000. 83.87% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the sale, the insider now directly owns 50,368,272 shares in the company, valued at approximately $4,062,201,136.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the completion of the sale, the insider now owns 50,368,272 shares in the company, valued at $4,062,201,136.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $57.71, for a total transaction of $4,489,838.00. Following the sale, the insider now directly owns 51,297,638 shares of the company’s stock, valued at $2,960,386,688.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,007,166 shares of company stock valued at $69,596,129. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

K has been the topic of several research reports. StockNews.com assumed coverage on shares of Kellanova in a research note on Tuesday. They set a “hold” rating on the stock. Stifel Nicolaus boosted their price target on Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $76.00 to $83.50 in a research report on Thursday, August 15th. Wells Fargo & Company boosted their target price on Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Finally, Piper Sandler raised their price target on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. Fourteen research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $74.32.

Kellanova Stock Performance

Shares of NYSE:K opened at $80.68 on Tuesday. The stock’s 50-day simple moving average is $70.45 and its two-hundred day simple moving average is $62.32. The stock has a market capitalization of $27.58 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 2.57 and a beta of 0.39. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping 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 revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 EPS. Analysts expect that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. Kellanova’s payout ratio is 85.39%.

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.