145,000 Shares in Kellanova (NYSE:K) Bought by Absolute Gestao de Investimentos Ltda.

Absolute Gestao de Investimentos Ltda. purchased a new position in Kellanova (NYSE:K - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 145,000 shares of the company's stock, valued at approximately $11,741,000. Kellanova comprises approximately 5.0% of Absolute Gestao de Investimentos Ltda.'s investment portfolio, making the stock its 6th largest position.

A number of other institutional investors have also made changes to their positions in K. Vanguard Group Inc. increased its position in shares of Kellanova by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company's stock valued at $2,626,322,000 after acquiring an additional 281,137 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Kellanova by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company's stock valued at $556,014,000 after purchasing an additional 158,560 shares during the period. Pentwater Capital Management LP boosted its stake in shares of Kellanova by 8.5% during the 4th quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock worth $465,982,000 after acquiring an additional 450,700 shares during the period. Invesco Ltd. increased its holdings in shares of Kellanova by 2.7% in the fourth quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock valued at $337,489,000 after purchasing an additional 111,396 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Kellanova by 15.7% in the 4th quarter. Northern Trust Corp now owns 3,897,899 shares of the company's stock valued at $315,613,000 after buying an additional 530,132 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Price Performance

K traded up $0.01 during midday trading on Wednesday, hitting $82.55. The stock had a trading volume of 2,593,087 shares, compared to its average volume of 2,686,808. The company has a market cap of $28.50 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 4.21 and a beta of 0.30. Kellanova has a 1 year low of $55.96 and a 1 year high of $83.22. The business has a fifty day moving average of $82.40 and a 200 day moving average of $81.68. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a return on equity of 37.25% and a net margin of 10.53%. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. The business's revenue for the quarter was down 3.7% on a year-over-year basis. As a group, equities analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Monday, June 2nd will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.76%. Kellanova's payout ratio is currently 57.58%.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $82.03, for a total value of $9,399,243.49. Following the completion of the sale, the insider now owns 47,274,531 shares of the company's stock, valued at $3,877,929,777.93. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 1,374,996 shares of company stock worth $113,261,858. Insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. StockNews.com downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Royal Bank of Canada lowered Kellanova from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 14th. Thirteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, Kellanova currently has a consensus rating of "Hold" and an average target price of $79.41.

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.