State of New Jersey Common Pension Fund D Sells 46,875 Shares of Kellanova (NYSE:K)

State of New Jersey Common Pension Fund D trimmed its position in Kellanova (NYSE:K) by 32.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,909 shares of the company’s stock after selling 46,875 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Kellanova were worth $5,647,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in K. Principal Securities Inc. purchased a new stake in Kellanova in the fourth quarter worth $74,000. Dimensional Fund Advisors LP grew its stake in shares of Kellanova by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock worth $124,893,000 after acquiring an additional 9,726 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Kellanova by 43.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 40,878 shares of the company’s stock valued at $2,286,000 after buying an additional 12,352 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Kellanova by 41.4% during the fourth quarter. Quadrant Capital Group LLC now owns 4,237 shares of the company’s stock valued at $237,000 after buying an additional 1,241 shares during the last quarter. Finally, Fiera Capital Corp purchased a new stake in shares of Kellanova during the fourth quarter valued at $520,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on K shares. The Goldman Sachs Group started coverage on Kellanova in a research report on Monday, August 12th. They set a “neutral” rating and a $75.00 price objective on the stock. DA Davidson downgraded Kellanova from a “buy” rating to a “neutral” rating and increased their target price for the company from $80.00 to $83.50 in a report on Monday, August 26th. JPMorgan Chase & Co. increased their target price on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. BNP Paribas raised Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price on the stock in a report on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a report on Thursday, August 15th. Fourteen research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $74.32.

Kellanova Stock Up 0.5 %

Shares of K opened at $80.68 on Monday. The business’s 50 day moving average is $69.97 and its 200 day moving average is $62.14. The company has a market capitalization of $27.58 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 2.57 and a beta of 0.39. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.97. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.11. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the company earned $1.25 EPS. Research analysts expect 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. Investors of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio (DPR) is 85.39%.

Insider Activity 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 that occurred on Friday, June 21st. The stock was sold at an average price of $57.71, for a total transaction of $4,489,838.00. Following the completion of the transaction, the insider now 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 this link. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $57.71, for a total transaction of $4,489,838.00. Following the completion of the transaction, the insider now 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 this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the transaction, the insider now owns 50,482,855 shares of the company’s stock, valued at approximately $4,051,249,113.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 892,583 shares of company stock valued at $60,355,010. 1.80% of the stock is owned by company insiders.

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.