Alpine Associates Management Inc. Has $95.54 Million Stake in Kellanova (NYSE:K)

Key Points

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Alpine Associates Management Inc. raised its stake in shares of Kellanova (NYSE:K - Free Report) by 89.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,158,150 shares of the company's stock after purchasing an additional 545,300 shares during the period. Kellanova accounts for about 5.0% of Alpine Associates Management Inc.'s investment portfolio, making the stock its 5th biggest holding. Alpine Associates Management Inc. owned approximately 0.34% of Kellanova worth $95,536,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Pinnacle Associates Ltd. boosted its position in shares of Kellanova by 2.0% in 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 in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Kellanova by 1.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after purchasing an additional 132 shares in the last quarter. OneAscent Financial Services LLC raised its stake in Kellanova by 4.7% in the 4th quarter. OneAscent Financial Services LLC now owns 3,315 shares of the company's stock worth $268,000 after acquiring an additional 149 shares during the last quarter. Legacy Advisors LLC raised its stake in Kellanova by 7.1% in the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock worth $222,000 after acquiring an additional 179 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Kellanova by 2.8% in the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock worth $568,000 after acquiring an additional 186 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Kellanova Trading Down 0.4%

K stock opened at $79.81 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. Kellanova has a 12-month low of $57.40 and a 12-month high of $83.22. The stock has a market cap of $27.69 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 4.26 and a beta of 0.28. The business's 50-day moving average is $80.33 and its 200 day moving average is $81.59.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.11). The firm had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The company's quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. On average, sell-side analysts anticipate that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.91%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is presently 57.58%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on K. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. 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. Fourteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Kellanova has a consensus rating of "Hold" and an average target price of $79.75.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction on Monday, July 28th. The stock was 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. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 1,374,996 shares of company stock worth $110,891,136. 1.80% of the stock is currently owned by insiders.

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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