DoubleLine ETF Adviser LP Has $630,000 Stock Position in Kellanova (NYSE:K)

DoubleLine ETF Adviser LP cut its position in Kellanova (NYSE:K) by 7.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,928 shares of the company’s stock after selling 917 shares during the period. DoubleLine ETF Adviser LP’s holdings in Kellanova were worth $630,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Kellanova by 57.2% in 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 in the last quarter. IFG Advisory LLC lifted its position in Kellanova by 1.4% in the 2nd quarter. IFG Advisory LLC now owns 13,825 shares of the company’s stock valued at $797,000 after acquiring an additional 189 shares in the last quarter. Eukles Asset Management boosted its stake in Kellanova by 0.7% during the 2nd quarter. Eukles Asset Management now owns 26,378 shares of the company’s stock valued at $1,521,000 after purchasing an additional 193 shares during the last quarter. Czech National Bank increased its holdings in Kellanova by 0.5% during the 1st quarter. Czech National Bank now owns 46,405 shares of the company’s stock worth $2,659,000 after purchasing an additional 213 shares in the last quarter. Finally, Choreo LLC raised its stake in shares of Kellanova by 6.5% in the first quarter. Choreo LLC now owns 3,959 shares of the company’s stock worth $227,000 after purchasing an additional 241 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Evercore ISI raised Kellanova to a “hold” rating in a research report on Friday, August 2nd. StockNews.com started coverage on shares of Kellanova in a report on Wednesday. They issued a “hold” rating for the company. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and raised their price target for the company from $62.00 to $70.00 in a research report on Friday, August 2nd. Stifel Nicolaus increased their price objective on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Finally, Piper Sandler lifted their target price on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Fourteen investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $74.32.

Kellanova Stock Performance

NYSE:K opened at $80.64 on Friday. The company has a market capitalization of $27.57 billion, a P/E ratio of 30.20, a P/E/G ratio of 2.59 and a beta of 0.39. The business has a fifty day simple moving average of $73.82 and a two-hundred day simple moving average of $63.62. 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.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.11. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.25 EPS. On average, 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 was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were issued a $0.57 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 2.83%. Kellanova’s dividend payout ratio (DPR) 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 on Monday, July 15th. The stock was sold at an average price of $56.19, for a total transaction of $4,371,582.00. Following the sale, the insider now directly owns 51,064,238 shares in the company, valued at approximately $2,869,299,533.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total value of $9,241,118.95. Following the completion of the transaction, the insider now directly owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $56.19, for a total transaction 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. In the last ninety days, insiders sold 966,149 shares of company stock worth $69,866,455. Corporate insiders own 1.80% of the company’s stock.

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.