AlphaQuest LLC Raises Holdings in Kellanova $K

Key Points

• AlphaQuest LLC increased its stake in Kellanova by 350.3% during the 1st quarter, acquiring an additional 30,936 shares, bringing its total to 39,767 shares.
• Kellanova recently announced a boost in its quarterly dividend to $0.58, yielding 2.9%, to be paid on September 15th.
• Institutional investors control 83.87% of Kellanova's stock, with notable recent trades including major stake acquisitions by BI Asset Management and HSBC Holdings.

AlphaQuest LLC grew its position in shares of Kellanova (NYSE:K - Free Report) by 350.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,767 shares of the company's stock after purchasing an additional 30,936 shares during the quarter. Kellanova comprises approximately 0.4% of AlphaQuest LLC's investment portfolio, making the stock its 12th largest position. AlphaQuest LLC's holdings in Kellanova were worth $3,280,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. raised its holdings in Kellanova by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after purchasing an additional 123 shares during the last quarter. Independent Advisor Alliance grew its position in shares of Kellanova by 1.8% during the 1st quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock worth $605,000 after buying an additional 131 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Kellanova by 1.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after buying an additional 132 shares during the period. Legacy Advisors LLC grew its position in shares of Kellanova by 7.1% during the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock worth $222,000 after buying an additional 179 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of Kellanova by 6.0% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock worth $271,000 after buying an additional 185 shares during the period. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Performance

NYSE:K traded up $0.1250 during trading on Friday, reaching $80.1150. The company's stock had a trading volume of 2,223,125 shares, compared to its average volume of 2,086,070. The firm has a market cap of $27.85 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 4.99 and a beta of 0.27. 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 firm has a 50 day moving average of $79.70 and a 200-day moving average of $81.39. Kellanova has a 12 month low of $77.70 and a 12 month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last announced 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). 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 firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $1.01 EPS. Research analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 59.84%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $79.98, for a total transaction of $9,164,348.34. Following the completion of the sale, the insider owned 45,212,037 shares in the company, valued at $3,616,058,719.26. This trade represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 1,260,413 shares of company stock worth $100,975,123. Company insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

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

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.