Wakefield Asset Management LLLP Makes New Investment in Kellanova (NYSE:K)

Wakefield Asset Management LLLP bought a new position in Kellanova (NYSE:K) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 7,821 shares of the company’s stock, valued at approximately $451,000.

Several other institutional investors have also made changes to their positions in the company. Blue Trust Inc. raised its position in Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after buying an additional 170 shares during the period. Bfsg LLC increased its holdings in shares of Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after purchasing an additional 200 shares during the period. Family Firm Inc. purchased a new stake in shares of Kellanova in the second quarter worth approximately $29,000. BNP Paribas purchased a new stake in shares of Kellanova in the first quarter worth approximately $30,000. Finally, Motco boosted its holdings in shares of Kellanova by 757.6% during the fourth quarter. Motco now owns 566 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $57.71, for a total value of $4,489,838.00. Following the sale, the insider now directly owns 51,297,638 shares in the company, valued at approximately $2,960,386,688.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 855,800 shares of company stock worth $55,663,566. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on K shares. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research report on Thursday, August 15th. Piper Sandler upped their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. BNP Paribas upgraded Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a report on Monday, August 5th. Finally, The Goldman Sachs Group initiated coverage on Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price objective on the stock. Fourteen investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $74.32.

Kellanova Stock Performance

Shares of K opened at $80.09 on Friday. The company has a market capitalization of $27.38 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. 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 has a one year low of $47.63 and a one year high of $80.97. The company’s fifty day moving average price is $67.63 and its 200 day moving average price is $61.27.

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

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.85%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. Kellanova’s dividend payout ratio is currently 85.39%.

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.