Burren Capital Advisors Ltd Takes $2.96 Million Position in Kellanova (NYSE:K)

Key Points

• Burren Capital Advisors Ltd has acquired a new position in Kellanova, purchasing 35,846 shares valued at approximately $2.96 million, making it its second largest holding at 10.6%.
• Kellanova's quarterly earnings report revealed an EPS of $0.90, which missed analysts' expectations of $1.01, and a revenue decline of 3.7% year-over-year.
• The company recently declared an increased quarterly dividend of $0.58, representing a 2.91% yield based on an annualized basis.

Burren Capital Advisors Ltd purchased a new position in Kellanova (NYSE:K - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 35,846 shares of the company's stock, valued at approximately $2,957,000. Kellanova accounts for about 10.6% of Burren Capital Advisors Ltd's holdings, making the stock its 2nd largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in K. Pinnacle Associates Ltd. increased its position in Kellanova by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock valued at $526,000 after purchasing an additional 123 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Kellanova by 1.3% during the first 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 during the period. OneAscent Financial Services LLC raised its stake in Kellanova by 4.7% in the fourth quarter. OneAscent Financial Services LLC now owns 3,315 shares of the company's stock worth $268,000 after buying an additional 149 shares in the last quarter. Legacy Advisors LLC boosted its position in Kellanova by 7.1% during the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after acquiring an additional 179 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Kellanova by 2.8% in the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock worth $568,000 after acquiring an additional 186 shares in the last quarter. Institutional investors own 83.87% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on K. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price for the company in a report on Thursday, May 29th. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Fourteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Kellanova presently has a consensus rating of "Hold" and a consensus price target of $79.75.

Kellanova Trading Down 0.0%

Shares of Kellanova stock opened at $79.86 on Friday. The firm has a 50-day simple moving average of $80.48 and a two-hundred day simple moving average of $81.62. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. Kellanova has a fifty-two week low of $56.62 and a fifty-two week high of $83.22. The company has a market cap of $27.71 billion, a P/E ratio of 20.17, a price-to-earnings-growth ratio of 4.25 and a beta of 0.28.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.01 by ($0.11). The business had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The business's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 EPS. As a group, equities 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. Investors of record on Tuesday, September 2nd will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.91%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is currently 57.58%.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $79.92, for a total transaction of $9,157,473.36. Following the transaction, the insider directly owned 45,670,369 shares of the company's stock, valued at $3,649,975,890.48. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 1,374,996 shares of company stock valued at $111,198,218. 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.

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