Quarry LP Acquires Shares of 1,184 Kellanova (NYSE:K)

Quarry LP bought a new position in Kellanova (NYSE:K) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,184 shares of the company’s stock, valued at approximately $68,000.

A number of other large investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its position in Kellanova by 2.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,527 shares of the company’s stock valued at $665,000 after acquiring an additional 291 shares during the last quarter. Creative Planning boosted its stake in shares of Kellanova by 12.3% during the second quarter. Creative Planning now owns 57,804 shares of the company’s stock valued at $3,334,000 after purchasing an additional 6,341 shares during the period. Raab & Moskowitz Asset Management LLC grew its holdings in shares of Kellanova by 20.4% in the second quarter. Raab & Moskowitz Asset Management LLC now owns 6,530 shares of the company’s stock worth $377,000 after purchasing an additional 1,105 shares during the last quarter. Maverick Capital Ltd. purchased a new position in Kellanova in the 2nd quarter worth about $88,065,000. Finally, MBB Public Markets I LLC bought a new stake in Kellanova during the 2nd quarter valued at about $962,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Kellanova Stock Performance

Shares of K opened at $80.63 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. The firm has a market cap of $27.57 billion, a PE ratio of 30.20, a P/E/G ratio of 2.59 and a beta of 0.39. Kellanova has a 12 month low of $47.63 and a 12 month high of $81.00. The stock has a fifty day moving average price of $76.56 and a 200-day moving average price of $64.69.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating 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 company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the business posted $1.25 earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year. Equities research analysts predict that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Royal Bank of Canada downgraded Kellanova from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Evercore ISI upgraded Kellanova to a “hold” rating in a report on Friday, August 2nd. Stifel Nicolaus raised their price target on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Finally, Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $62.00 to $70.00 in a research note on Friday, August 2nd. Fifteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $74.32.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the completion of the transaction, the insider now directly owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $80.72, for a total value of $9,249,139.76. Following the completion of the transaction, the insider now owns 50,139,106 shares in the company, valued at approximately $4,047,228,636.32. The sale was disclosed in a document filed with the SEC, which is available 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 Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The disclosure for this sale can be found here. Insiders sold 1,080,732 shares of company stock worth $79,115,595 in the last 90 days. 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.