Amundi Increases Stock Position in Kellanova $K

Key Points

• Amundi increased its holdings in Kellanova by 12.0%, owning nearly 2.95 million shares valued at approximately $243 million as of its latest SEC filing.
• Kellanova recently declared a quarterly dividend of $0.58 per share, increasing from its previous dividend of $0.57, providing a yield of 2.9%.
• Despite a slight revenue increase, Kellanova's earnings per share for the last quarter were below analysts' expectations at $0.94, compared to a consensus of $0.99.

Amundi boosted its holdings in Kellanova (NYSE:K - Free Report) by 12.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,949,498 shares of the company's stock after acquiring an additional 316,567 shares during the period. Amundi owned 0.85% of Kellanova worth $243,481,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in K. JPMorgan Chase & Co. lifted its holdings in Kellanova by 66.3% in the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock valued at $199,049,000 after acquiring an additional 962,172 shares during the last quarter. Bank of America Corp DE lifted its holdings in Kellanova by 43.1% in the fourth quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock valued at $182,659,000 after acquiring an additional 679,754 shares during the last quarter. Sona Asset Management US LLC lifted its stake in Kellanova by 427.9% during the fourth quarter. Sona Asset Management US LLC now owns 698,073 shares of the company's stock worth $56,523,000 after purchasing an additional 565,839 shares in the last quarter. GAMMA Investing LLC lifted its stake in Kellanova by 8,377.9% during the first quarter. GAMMA Investing LLC now owns 568,274 shares of the company's stock worth $46,877,000 after purchasing an additional 561,571 shares in the last quarter. Finally, Alpine Associates Management Inc. lifted its stake in Kellanova by 89.0% during the first quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company's stock worth $95,536,000 after purchasing an additional 545,300 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Kellanova Price Performance

Shares of K traded up $0.38 during mid-day trading on Friday, reaching $79.86. 3,493,186 shares of the company's stock were exchanged, compared to its average volume of 2,334,247. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The company has a 50-day simple moving average of $79.81 and a two-hundred day simple moving average of $81.20. Kellanova has a 52-week low of $77.70 and a 52-week high of $83.22. The company has a market cap of $27.76 billion, a price-to-earnings ratio of 20.96, a PEG 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 for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. During the same period last year, the business earned $1.01 earnings per share. The company's revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is presently 60.89%.

Insider Buying and Selling

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 value of $9,116,350.45. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 1,260,429 shares of company stock valued at $100,650,980. 1.80% of the stock is currently owned by insiders.

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.