ABC Arbitrage SA Cuts Stake in Kellanova (NYSE:K)

Key Points

• ABC Arbitrage SA reduced its stake in Kellanova by 5.1%, selling 3,382 shares, and now owns 63,436 shares worth approximately $5.23 million.
• Kellanova announced a quarterly dividend of $0.58, representing an annualized yield of 2.9%, up from the previous dividend of $0.57.
• Recently, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares at an average price of $79.79, reducing its position slightly by 0.25%.

ABC Arbitrage SA reduced its position in Kellanova (NYSE:K - Free Report) by 5.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,436 shares of the company's stock after selling 3,382 shares during the quarter. Kellanova comprises about 1.0% of ABC Arbitrage SA's holdings, making the stock its 23rd biggest holding. ABC Arbitrage SA's holdings in Kellanova were worth $5,233,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Costello Asset Management INC purchased a new position in Kellanova in the 1st quarter worth approximately $99,000. ING Groep NV grew its position in Kellanova by 172.2% in the first quarter. ING Groep NV now owns 291,311 shares of the company's stock worth $24,030,000 after acquiring an additional 184,291 shares in the last quarter. Raiffeisen Bank International AG increased its stake in Kellanova by 14.5% in the first quarter. Raiffeisen Bank International AG now owns 158,050 shares of the company's stock valued at $13,034,000 after acquiring an additional 19,990 shares during the last quarter. Avalon Trust Co purchased a new stake in Kellanova during the first quarter valued at about $62,000. Finally, R Squared Ltd bought a new stake in Kellanova during the first quarter worth about $552,000. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $79.79, for a total transaction of $9,142,577.57. Following the sale, the insider owned 45,555,786 shares of the company's stock, valued at approximately $3,634,896,164.94. The trade was a 0.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 1,260,413 shares of company stock worth $101,431,163. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on K. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a research report on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Twelve equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $81.80.

Kellanova Trading Up 0.1%

Shares of NYSE:K traded up $0.07 during midday trading on Wednesday, hitting $79.84. 1,382,968 shares of the stock traded hands, compared to its average volume of 2,695,521. 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 stock has a market capitalization of $27.76 billion, a PE ratio of 20.95, a P/E/G ratio of 4.95 and a beta of 0.27. Kellanova has a one year low of $72.27 and a one year high of $83.22. The business's 50 day moving average is $80.14 and its two-hundred day moving average is $81.55.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%. The business had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter last year, the business posted $1.01 EPS. The company's quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova's payout ratio is presently 59.84%.

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.