BI Asset Management Fondsmaeglerselskab A S Boosts Stock Holdings in Kellanova $K

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly increased its stake in Kellanova by 429.1% in Q1, owning 55,978 shares valued at approximately $4.62 million.
• Kellanova's quarterly dividend was raised to $0.58 per share, enhancing its annualized dividend yield to 2.9%.
• Analysts have issued mixed ratings for Kellanova, with the current consensus rating as "Hold" and an average price target of $83.40.

BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Kellanova (NYSE:K - Free Report) by 429.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,978 shares of the company's stock after purchasing an additional 45,399 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Kellanova were worth $4,618,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Pinnacle Associates Ltd. grew its stake in Kellanova by 2.0% in the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock valued at $526,000 after buying an additional 123 shares in the last quarter. Independent Advisor Alliance grew its stake in Kellanova by 1.8% in the 1st quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock valued at $605,000 after buying an additional 131 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Kellanova by 1.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock valued at $860,000 after buying an additional 132 shares in the last quarter. Legacy Advisors LLC grew its stake in Kellanova by 7.1% in the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after buying an additional 179 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Kellanova by 6.0% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock valued at $271,000 after buying an additional 185 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $79.98, for a total value of $9,164,348.34. Following the completion of the transaction, the insider directly owned 45,212,037 shares in the company, valued at approximately $3,616,058,719.26. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 1,260,413 shares of company stock valued at $100,975,123 in the last ninety days. 1.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a research report on Wednesday. They set a "neutral" rating and a $83.50 price target for the company. Six analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $83.40.

Kellanova Price Performance

Shares of K traded up $0.1250 during mid-day trading on Friday, reaching $80.1150. 2,223,125 shares of the stock traded hands, compared to its average volume of 2,078,380. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22. The firm has a fifty day moving average price of $79.70 and a 200 day moving average price of $81.39. The company has a market cap of $27.85 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. 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 (NYSE:K - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The firm's revenue was up .3% on a year-over-year basis. As a group, equities research analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.58 dividend. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. Kellanova's payout ratio is 59.84%.

Kellanova 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.