Alpine Global Management LLC Purchases New Shares in Kellanova $K

Key Points

• Alpine Global Management LLC acquired a new position in Kellanova, purchasing 12,990 shares valued at approximately $1,072,000 during the 1st quarter.
• Kellanova recently announced a quarterly dividend of $0.58 per share, up from the previous $0.57, reflecting a boost in its annualized dividend yield to 2.9%.
• Despite the increase in revenue, Kellanova's reported EPS of $0.94 for the last quarter missed analysts' expectations, impacting overall investor sentiment.

Alpine Global Management LLC bought a new position in shares of Kellanova (NYSE:K - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,990 shares of the company's stock, valued at approximately $1,072,000.

Several other institutional investors have also recently bought and sold shares of the business. Angelo Gordon & CO. L.P. raised its holdings in shares of Kellanova by 2.0% in the first quarter. Angelo Gordon & CO. L.P. now owns 152,776 shares of the company's stock valued at $12,602,000 after purchasing an additional 2,976 shares during the last quarter. Quarry LP raised its holdings in shares of Kellanova by 33.8% in the first quarter. Quarry LP now owns 1,442 shares of the company's stock valued at $119,000 after purchasing an additional 364 shares during the last quarter. Vident Advisory LLC raised its holdings in shares of Kellanova by 186.2% in the first quarter. Vident Advisory LLC now owns 7,991 shares of the company's stock valued at $659,000 after purchasing an additional 5,199 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in shares of Kellanova by 28.9% in the first quarter. Evergreen Capital Management LLC now owns 5,705 shares of the company's stock valued at $471,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Magnetar Financial LLC raised its holdings in shares of Kellanova by 20.3% in the first quarter. Magnetar Financial LLC now owns 1,131,157 shares of the company's stock valued at $93,309,000 after purchasing an additional 191,151 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at Kellanova

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

Kellanova Stock Performance

NYSE:K traded up $0.48 on Thursday, reaching $79.52. 5,741,474 shares of the company's stock were exchanged, compared to its average volume of 2,947,782. The stock has a fifty day simple moving average of $79.78 and a 200-day simple moving average of $81.25. The firm has a market cap of $27.65 billion, a price-to-earnings ratio of 20.87, a P/E/G ratio of 4.95 and a beta of 0.27. 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 52 week low of $77.70 and a 52 week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations 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 period in the prior year, the business earned $1.01 earnings per share. As a group, sell-side analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 boost from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, September 2nd. Kellanova's payout ratio is 59.84%.

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.