Caxton Associates LLP Takes Position in Kellanova $K

Key Points

• Caxton Associates LLP acquired a new stake in Kellanova by purchasing 257,561 shares valued at approximately $21.25 million, making it the 20th largest holding in their portfolio.
• Kellanova recently declared a quarterly dividend of $0.58 per share, marking an increase from the previous dividend of $0.57, with a dividend yield of 2.9%.
• Several analysts have provided mixed ratings for Kellanova, with Citigroup upgrading it to a "neutral" rating and setting a target price of $83.50, while others have downgraded it to a "sell" rating.

Caxton Associates LLP acquired a new stake in shares of Kellanova (NYSE:K - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 257,561 shares of the company's stock, valued at approximately $21,246,000. Kellanova makes up about 0.7% of Caxton Associates LLP's investment portfolio, making the stock its 20th largest position. Caxton Associates LLP owned 0.07% of Kellanova as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Grove Bank & Trust bought a new position in shares of Kellanova during the first quarter valued at approximately $25,000. Financial Network Wealth Advisors LLC bought a new position in shares of Kellanova during the first quarter valued at approximately $25,000. MorganRosel Wealth Management LLC bought a new position in shares of Kellanova during the first quarter valued at approximately $27,000. Minot DeBlois Advisors LLC bought a new position in shares of Kellanova during the fourth quarter valued at approximately $42,000. Finally, EQ Wealth Advisors LLC acquired a new stake in Kellanova in the first quarter valued at approximately $49,000. 83.87% of the stock is currently owned by institutional investors.

Kellanova Price Performance

K traded down $0.46 on Wednesday, reaching $79.02. 3,478,011 shares of the company's stock were exchanged, compared to its average volume of 2,382,595. The stock has a market cap of $27.47 billion, a PE ratio of 20.74, a P/E/G ratio of 4.95 and a beta of 0.27. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. The stock's fifty day moving average price is $79.78 and its 200-day moving average price is $81.15. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business's revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Sell-side analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

Analyst Ratings Changes

K has been the subject of several recent analyst reports. JPMorgan Chase & Co. began coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price for the company. Wall Street Zen lowered shares of Kellanova from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Finally, Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a report on Thursday, May 29th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $83.38.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the transaction, the insider directly owned 45,097,438 shares in the company, valued at $3,587,501,192.90. The trade was a 0.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 1,145,846 shares of company stock valued at $91,267,778. 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.