31,304 Shares in Kellanova $K Acquired by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC has acquired 31,304 shares of Kellanova, valued at approximately $2,582,000, as reported in their latest 13F filing with the SEC.
• Kellanova's major shareholder, Kellogg W. K. Foundation Trust, sold 114,599 shares at an average price of $79.55, reducing their ownership by 0.25%.
• In addition to its financial activity, Kellanova announced a quarterly dividend of $0.58 per share, reflecting an increase from the previous dividend of $0.57.

Cubist Systematic Strategies LLC purchased a new position in shares of Kellanova (NYSE:K - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 31,304 shares of the company's stock, valued at approximately $2,582,000.

A number of other institutional investors have also recently added to or reduced their stakes in K. JPMorgan Chase & Co. lifted its stake in Kellanova by 66.3% in the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock valued at $199,049,000 after acquiring an additional 962,172 shares during the last quarter. Bank of America Corp DE lifted its stake in Kellanova by 43.1% in the fourth quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock valued at $182,659,000 after acquiring an additional 679,754 shares during the last quarter. Sona Asset Management US LLC lifted its stake in Kellanova by 427.9% in the fourth quarter. Sona Asset Management US LLC now owns 698,073 shares of the company's stock valued at $56,523,000 after acquiring an additional 565,839 shares during the last quarter. GAMMA Investing LLC lifted its stake in Kellanova by 8,377.9% in the first quarter. GAMMA Investing LLC now owns 568,274 shares of the company's stock valued at $46,877,000 after acquiring an additional 561,571 shares during the last quarter. Finally, Alpine Associates Management Inc. lifted its stake in Kellanova by 89.0% in the first quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company's stock valued at $95,536,000 after acquiring an additional 545,300 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares of the company's stock, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 1,260,429 shares of company stock worth $100,650,980 over the last 90 days. Insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. assumed 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. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. Finally, Wall Street Zen lowered shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $83.38.

Kellanova Trading Up 0.5%

NYSE:K opened at $79.86 on Friday. Kellanova has a 12 month low of $77.70 and a 12 month high of $83.22. The firm has a market cap of $27.76 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 4.95 and a beta of 0.27. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The company's 50 day moving average is $79.81 and its 200-day moving average is $81.21.

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

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. This is an increase from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, September 2nd. Kellanova's payout ratio is presently 60.89%.

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.

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