Kellanova $K Shares Acquired by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets increased its holdings in Kellanova by 4.1%, acquiring an additional 26,043 shares, bringing their total ownership to approximately $54.4 million.
• Kellanova recently declared a quarterly dividend of $0.58 per share, reflecting a boost from the previous dividend, with a dividend yield of 2.9%.
• Analysts have mixed views on Kellanova, with recent ratings including a downgrade to "sell" from Wall Street Zen and a "neutral" rating from JPMorgan Chase with a price target of $83.50.

BNP Paribas Financial Markets lifted its position in shares of Kellanova (NYSE:K - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 659,799 shares of the company's stock after acquiring an additional 26,043 shares during the quarter. BNP Paribas Financial Markets owned 0.19% of Kellanova worth $54,427,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Kellanova by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock valued at $2,697,039,000 after acquiring an additional 259,604 shares during the last quarter. Keybank National Association OH increased its holdings in Kellanova by 0.7% in the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock valued at $1,626,579,000 after purchasing an additional 128,439 shares during the last quarter. Northern Trust Corp increased its holdings in Kellanova by 3.0% in the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock valued at $331,243,000 after purchasing an additional 117,650 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Kellanova by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock worth $215,479,000 after acquiring an additional 86,293 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Kellanova by 66.3% in the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock worth $199,049,000 after acquiring an additional 962,172 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction dated 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. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 1,260,429 shares of company stock valued at $100,650,980 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Stock Performance

K traded up $0.54 on Thursday, reaching $79.58. The company had a trading volume of 3,682,852 shares, compared to its average volume of 2,934,838. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22. The stock has a market capitalization of $27.67 billion, a PE ratio of 20.89, a P/E/G ratio of 4.95 and a beta of 0.27. 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 stock has a 50-day moving average price of $79.78 and a 200-day moving average price of $81.25.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly 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). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same period last year, the firm earned $1.01 earnings per share. Kellanova's revenue was up .3% on a year-over-year basis. As a group, research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. 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 dividend yield of 2.9%. Kellanova's dividend payout ratio is currently 59.84%.

Analyst Upgrades and Downgrades

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

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.