Public Sector Pension Investment Board Boosts Stock Position in Kellanova (NYSE:K)

Public Sector Pension Investment Board increased its holdings in shares of Kellanova (NYSE:K) by 83.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,647 shares of the company’s stock after buying an additional 3,941 shares during the period. Public Sector Pension Investment Board’s holdings in Kellanova were worth $499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares during the last quarter. IFG Advisory LLC raised its stake 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 purchasing an additional 189 shares during the last quarter. Eukles Asset Management lifted its holdings in Kellanova by 0.7% in 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 in the last quarter. Czech National Bank lifted its holdings in Kellanova by 0.5% in the 1st quarter. Czech National Bank now owns 46,405 shares of the company’s stock valued at $2,659,000 after purchasing an additional 213 shares in the last quarter. Finally, Choreo LLC boosted its stake in Kellanova by 6.5% during the 1st 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. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on K. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $76.00 to $83.50 in a research note on Thursday, August 15th. Barclays boosted their target price on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Evercore ISI upgraded Kellanova to a “hold” rating in a research report on Friday, August 2nd. Piper Sandler lifted their price objective on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Finally, BNP Paribas raised Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research note on Monday, August 5th. Fifteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $74.32.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $56.19, for a total value of $4,371,582.00. Following the sale, the insider now directly owns 51,064,238 shares in the company, valued at $2,869,299,533.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 51,064,238 shares in the company, valued at $2,869,299,533.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the completion of the sale, the insider now directly owns 50,368,272 shares in the company, valued at approximately $4,062,201,136.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,080,732 shares of company stock worth $79,115,595. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Performance

Shares of K stock opened at $80.63 on Friday. Kellanova has a one year low of $47.63 and a one year high of $81.00. 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 firm’s 50 day moving average price is $76.56 and its 200-day moving average price is $64.69. The firm has a market cap 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.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.90 by $0.11. The business 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 company’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period last year, the business posted $1.25 earnings per share. As a group, equities research analysts predict that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 annualized dividend and a dividend yield of 2.83%. Kellanova’s dividend payout ratio (DPR) is presently 85.39%.

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.