Kellanova (NYSE:K) Shares Acquired by Quest Partners LLC

Quest Partners LLC grew its position in Kellanova (NYSE:K) by 138.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,909 shares of the company’s stock after purchasing an additional 16,225 shares during the period. Quest Partners LLC’s holdings in Kellanova were worth $1,610,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Kellanova in the fourth quarter worth about $150,184,000. Vanguard Group Inc. boosted its position in Kellanova by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock worth $1,797,525,000 after purchasing an additional 1,130,582 shares in the last quarter. Boston Partners boosted its position in Kellanova by 117.1% during the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock worth $73,221,000 after purchasing an additional 689,395 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its position in Kellanova by 15.5% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after purchasing an additional 655,686 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new position in Kellanova during the fourth quarter worth approximately $35,372,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Stock Up 0.1 %

Shares of NYSE K opened at $80.19 on Tuesday. The business has a 50-day moving average of $68.08 and a two-hundred day moving average of $61.47. 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 1 year low of $47.63 and a 1 year high of $80.97. The company has a market capitalization of $27.45 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.57 and a beta of 0.38.

Kellanova (NYSE:K) last posted its earnings results 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 analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The business’s revenue was down 4.7% compared to the same quarter last year. On average, analysts forecast 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 will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is 85.39%.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $57.89, for a total value of $4,503,842.00. Following the transaction, the insider now owns 51,375,438 shares in the company, valued at approximately $2,974,124,105.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the transaction, the insider now owns 50,482,855 shares in the company, valued at approximately $4,051,249,113.75. The transaction was disclosed in a legal filing 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 business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $57.89, for a total value of $4,503,842.00. Following the transaction, the insider now owns 51,375,438 shares in the company, valued at approximately $2,974,124,105.82. The disclosure for this sale can be found here. Insiders have sold 970,383 shares of company stock worth $64,858,852 in the last quarter. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on K. Barclays increased their price target on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price target on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and increased their price target for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Evercore ISI upgraded Kellanova to a “hold” rating in a research report on Friday, August 2nd. Fourteen investment 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, Kellanova presently has a consensus rating of “Hold” and an average target price of $74.32.

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.