ProShare Advisors LLC Raises Stake in Kellanova (NYSE:K)

ProShare Advisors LLC increased its holdings in shares of Kellanova (NYSE:K) by 5.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,985 shares of the company’s stock after acquiring an additional 2,609 shares during the period. ProShare Advisors LLC’s holdings in Kellanova were worth $2,883,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of K. Summit Trail Advisors LLC purchased a new stake in shares of Kellanova in the second quarter worth $205,000. Thrivent Financial for Lutherans grew its position in Kellanova by 8.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 20,250 shares of the company’s stock valued at $1,168,000 after purchasing an additional 1,538 shares during the last quarter. Sei Investments Co. increased its stake in Kellanova by 5.3% during the 2nd quarter. Sei Investments Co. now owns 83,392 shares of the company’s stock valued at $4,810,000 after purchasing an additional 4,197 shares in the last quarter. AE Wealth Management LLC purchased a new position in Kellanova in the second quarter worth about $368,000. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Kellanova by 142.9% in the second quarter. Canada Pension Plan Investment Board now owns 800,484 shares of the company’s stock worth $46,172,000 after buying an additional 470,910 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the completion of the transaction, the insider now owns 50,253,689 shares in the company, valued at $4,054,467,628.52. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $80.68, for a total value of $9,244,556.44. Following the sale, the insider now directly owns 50,253,689 shares in the company, valued at $4,054,467,628.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $56.19, for a total value of $4,371,582.00. Following the transaction, the insider now owns 51,064,238 shares of the company’s stock, valued at $2,869,299,533.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 966,149 shares of company stock worth $69,866,455. 1.80% of the stock is owned by corporate insiders.

Kellanova Stock Performance

NYSE:K opened at $80.64 on Friday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73. The stock has a 50-day simple moving average of $73.82 and a two-hundred day simple moving average of $63.62. The firm has a market capitalization of $27.57 billion, a PE ratio of 30.17, a P/E/G ratio of 2.59 and a beta of 0.39. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97.

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

Kellanova Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on K shares. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a research report on Monday, August 5th. DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $80.00 to $83.50 in a research note on Monday, August 26th. Barclays increased their price objective on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. StockNews.com started coverage on Kellanova in a research report on Wednesday. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group began coverage on shares of Kellanova in a report on Monday, August 12th. They set a “neutral” rating and a $75.00 price target on the stock. Fourteen research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $74.32.

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.