Aberdeen Group plc Has $24.55 Million Holdings in Kellanova $K

Key Points

• Aberdeen Group plc increased its stake in Kellanova by 16.5%, owning 308,728 shares valued at $24.55 million after acquiring additional shares in the second quarter.
• Kellanova's major shareholder, Kellogg W. K. Foundation Trust, sold 114,599 shares for approximately $9.12 million on August 28th, reducing their ownership by 0.25%.
• The company recently announced a quarterly dividend increase to $0.58, representing an annualized yield of 2.8% with a payout ratio of 60.89%.

Aberdeen Group plc boosted its holdings in shares of Kellanova (NYSE:K - Free Report) by 16.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 308,728 shares of the company's stock after acquiring an additional 43,699 shares during the quarter. Aberdeen Group plc owned 0.09% of Kellanova worth $24,553,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in K. GAMMA Investing LLC raised its stake in shares of Kellanova by 2.8% during the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock worth $568,000 after purchasing an additional 186 shares in the last quarter. Fifth Third Bancorp grew its holdings in Kellanova by 1.1% in the 1st quarter. Fifth Third Bancorp now owns 18,264 shares of the company's stock valued at $1,507,000 after buying an additional 204 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Kellanova by 22.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company's stock valued at $1,637,000 after buying an additional 3,665 shares during the last quarter. Grove Bank & Trust acquired a new stake in Kellanova in the 1st quarter valued at approximately $25,000. Finally, State of Alaska Department of Revenue grew its holdings in Kellanova by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 31,506 shares of the company's stock valued at $2,598,000 after buying an additional 850 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Kellanova

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 stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the transaction, the insider directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 572,931 shares of company stock valued at $45,755,411 over the last ninety days. 1.80% of the stock is currently owned by insiders.

Kellanova Price Performance

Shares of K stock opened at $82.81 on Tuesday. The stock's fifty day simple moving average is $80.01 and its 200 day simple moving average is $80.78. 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 has a one year low of $76.48 and a one year high of $83.22. The firm has a market cap of $28.79 billion, a price-to-earnings ratio of 21.73, a P/E/G ratio of 5.16 and a beta of 0.24.

Kellanova (NYSE:K - Get Free Report) last issued 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). The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 EPS. On average, analysts expect that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a $0.58 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. Kellanova's payout ratio is presently 60.89%.

Analysts Set New Price Targets

A number of research firms have issued reports on K. Wall Street Zen lowered Kellanova from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. JPMorgan Chase & Co. assumed coverage on Kellanova in a report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective on the stock. Finally, Weiss Ratings raised Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $83.38.

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.

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