Kellanova $K Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group plc has significantly reduced its stake in Kellanova by 77.3%, now holding only 0.08% of the company, worth approximately $21.85 million.
• Following recent analyses, Kellanova has received a mix of ratings, with Citigroup upgrading it to "neutral" and setting a price target of $83.50, while Wall Street Zen downgraded it to a "hold" rating.
• Kellanova announced a quarterly dividend increase to $0.58 per share, showcasing a 2.9% dividend yield and a payout ratio of approximately 59.84%.

Aberdeen Group plc lessened its stake in Kellanova (NYSE:K - Free Report) by 77.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 265,029 shares of the company's stock after selling 900,692 shares during the period. Aberdeen Group plc owned about 0.08% of Kellanova worth $21,853,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of K. Tudor Investment Corp ET AL grew its stake in shares of Kellanova by 136.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after acquiring an additional 1,006,100 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Kellanova by 66.3% in the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock worth $199,049,000 after acquiring an additional 962,172 shares in the last quarter. TIG Advisors LLC grew its stake in shares of Kellanova by 76.5% in the fourth quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after acquiring an additional 813,901 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Kellanova by 43.1% in the fourth quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock worth $182,659,000 after acquiring an additional 679,754 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in shares of Kellanova by 107.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock worth $102,187,000 after acquiring an additional 653,504 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Kellanova Stock Up 0.2%

Shares of K stock traded up $0.1250 on Friday, reaching $80.1150. 2,223,125 shares of the stock were exchanged, compared to its average volume of 2,078,380. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The business's 50 day moving average price is $79.70 and its 200 day moving average price is $81.39. The company has a market capitalization of $27.85 billion, a price-to-earnings ratio of 21.03, a PEG ratio of 4.97 and a beta of 0.27. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the company earned $1.01 EPS. The business's revenue was up .3% on a year-over-year basis. As a group, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current fiscal 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 paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.9%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is currently 59.84%.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $79.98, for a total value of $9,164,348.34. Following the completion of the transaction, the insider owned 45,212,037 shares in the company, valued at $3,616,058,719.26. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 1,260,413 shares of company stock valued at $100,975,123 in the last three months. Corporate insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on K shares. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research note on Wednesday. They issued a "neutral" rating and a $83.50 price target for the company. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research note on Thursday, May 29th. Finally, Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Six analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $83.40.

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.