Adage Capital Partners GP L.L.C. Sells 179,924 Shares of Kellanova $K

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Kellanova by 14.3%, selling 179,924 shares, and now owns 1,082,108 shares valued at approximately $89.26 million.
• Insider trading activity includes major shareholder Kellogg W. K. Foundation Trust selling 114,599 shares for a total of $9.12 million, representing a 0.25% decrease in their position.
• Kellanova announced a quarterly dividend increase from $0.57 to $0.58, with a yield of 2.9% and a payout ratio of 59.84%.

Adage Capital Partners GP L.L.C. lessened its position in Kellanova (NYSE:K - Free Report) by 14.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,082,108 shares of the company's stock after selling 179,924 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.31% of Kellanova worth $89,263,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in K. Grove Bank & Trust purchased a new position in shares of Kellanova in the 1st quarter valued at approximately $25,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Kellanova in the 1st quarter valued at approximately $25,000. MorganRosel Wealth Management LLC purchased a new position in shares of Kellanova in the 1st quarter valued at approximately $27,000. Minot DeBlois Advisors LLC purchased a new position in shares of Kellanova in the 4th quarter valued at approximately $42,000. Finally, EQ Wealth Advisors LLC purchased a new position in shares of Kellanova in the 1st quarter valued at approximately $49,000. Hedge funds and other institutional investors own 83.87% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on K shares. Wall Street Zen cut Kellanova from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. started coverage on Kellanova in a research note on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective for the company. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $83.38.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the sale, the insider directly owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 1,260,429 shares of company stock worth $100,650,980 in the last quarter. Corporate insiders own 1.80% of the company's stock.

Kellanova Trading Up 0.5%

K stock traded up $0.38 during midday trading on Friday, reaching $79.86. 3,493,186 shares of the company traded hands, compared to its average volume of 2,250,534. Kellanova has a 52-week low of $77.70 and a 52-week high of $83.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The business has a 50 day moving average of $79.81 and a 200-day moving average of $81.20. The firm has a market capitalization of $27.76 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 4.97 and a beta of 0.27.

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 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 company had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter last year, the company earned $1.01 earnings per share. The company's revenue for the quarter 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 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 a boost from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, September 2nd. Kellanova's dividend payout ratio (DPR) is currently 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.