Ascent Group LLC Makes New $2.72 Million Investment in Kellanova $K

Key Points

• Ascent Group LLC has taken a new position in Kellanova, purchasing 33,002 shares valued at approximately $2.72 million in the first quarter of the year.
• Kellanova recently reported quarterly earnings of $0.94 per share, missing analysts' expectations, but achieved a revenue of $3.20 billion, slightly exceeding estimates.
• The company announced an increase in its quarterly dividend to $0.58 per share, with a dividend yield of 2.9%, reflecting a positive change from its previous dividend of $0.57.

Ascent Group LLC bought a new position in shares of Kellanova (NYSE:K - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 33,002 shares of the company's stock, valued at approximately $2,722,000.

Several other large investors have also recently added to or reduced their stakes in K. Grove Bank & Trust acquired a new stake in shares of Kellanova during the 1st quarter worth approximately $25,000. Financial Network Wealth Advisors LLC acquired a new stake in Kellanova during the first quarter worth $25,000. MorganRosel Wealth Management LLC bought a new stake in Kellanova in the 1st quarter valued at $27,000. Minot DeBlois Advisors LLC acquired a new position in shares of Kellanova in the 4th quarter valued at $42,000. Finally, EQ Wealth Advisors LLC bought a new position in shares of Kellanova during the 1st quarter worth about $49,000. Institutional investors and hedge funds own 83.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on K. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Wall Street Zen raised Kellanova from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, 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 objective for the company. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Kellanova presently has an average rating of "Hold" and an average target price of $83.38.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction 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 completion of the sale, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 1,145,846 shares of company stock valued at $91,267,778 over the last three months. Company insiders own 1.80% of the company's stock.

Kellanova Price Performance

NYSE K traded down $0.17 during trading hours on Friday, reaching $79.41. 1,279,873 shares of the company's stock were exchanged, compared to its average volume of 2,510,036. The firm has a fifty day moving average of $79.76 and a 200-day moving average of $81.10. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a one year low of $77.70 and a one year high of $83.22. The stock has a market cap of $27.61 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 4.95 and a beta of 0.27.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.94 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 analyst estimates of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.Kellanova's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.01 EPS. On average, equities research analysts predict that Kellanova will post 3.93 earnings per share 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 an increase 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 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.