Banque Cantonale Vaudoise Acquires New Shares in Kellanova (NYSE:K)

Key Points

• Banque Cantonale Vaudoise acquired 10,788 shares of Kellanova, valued at approximately $890,000, during the first quarter, contributing to a trend of increasing interest from institutional investors.
• Kellanova recently reported a quarterly earnings miss, with an EPS of $0.94, falling short of analyst estimates, although it revealed a slight revenue increase year-over-year.
• The company announced a dividend increase to $0.58 per share, reflecting a positive adjustment from the previous $0.57, which suggests strong financial management despite the earnings miss.

Banque Cantonale Vaudoise bought a new position in shares of Kellanova (NYSE:K - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,788 shares of the company's stock, valued at approximately $890,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of K. FIL Ltd increased its holdings in Kellanova by 182.3% during the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after acquiring an additional 1,542,000 shares during the period. Tudor Investment Corp ET AL increased its holdings in shares of Kellanova by 136.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after buying an additional 1,006,100 shares during the last quarter. TIG Advisors LLC increased its holdings in shares of Kellanova by 76.5% in the 4th quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after buying an additional 813,901 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Kellanova by 43.1% in the 4th quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock worth $182,659,000 after buying an additional 679,754 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Kellanova by 107.4% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock worth $102,187,000 after buying an additional 653,504 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on K. Wall Street Zen lowered shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, Kellanova has an average rating of "Hold" and an average price target of $79.75.

Kellanova Stock Down 0.0%

Shares of Kellanova stock opened at $79.80 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.80 and a quick ratio of 0.52. The company has a 50-day moving average of $80.29 and a 200 day moving average of $81.58. The firm has a market cap of $27.68 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 4.24 and a beta of 0.28. Kellanova has a 1 year low of $57.40 and a 1 year 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 company had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a net margin of 10.93% and a return on equity of 34.80%. The firm's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 EPS. As a group, sell-side analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently disclosed 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 is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova's dividend payout ratio (DPR) is currently 57.58%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $79.79, for a total transaction of $9,142,577.57. Following the completion of the sale, the insider directly owned 45,555,786 shares in the company, valued at approximately $3,634,896,164.94. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 1,374,996 shares of company stock worth $110,891,136. 1.80% of the stock is currently owned by company 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.

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