Citigroup Inc. Has $37.71 Million Stake in Kellanova (NYSE:K)

Key Points

• Citigroup Inc. has increased its stake in Kellanova by 101.6%, owning a total of 457,138 shares valued at approximately $37.7 million after acquiring 230,397 shares in the first quarter.
• Kellanova announced a quarterly dividend increase, now at $0.58 per share, yielding 2.9%, with the next payment scheduled for September 15.
• Despite a recent analyst downgrade to a "hold" rating, Kellanova maintains an average target price of $81.80 among analysts, with the stock recently trading around $80.13.

Citigroup Inc. lifted its position in shares of Kellanova (NYSE:K - Free Report) by 101.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 457,138 shares of the company's stock after purchasing an additional 230,397 shares during the quarter. Citigroup Inc. owned about 0.13% of Kellanova worth $37,709,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of K. Pinnacle Associates Ltd. lifted its position in Kellanova by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after acquiring an additional 123 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of 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 purchasing an additional 132 shares in the last quarter. Legacy Advisors LLC raised its position in shares of 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 purchasing an additional 179 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of 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 purchasing an additional 185 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 valued at $568,000 after purchasing an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Kellanova Stock Up 0.1%

Kellanova stock traded up $0.11 during mid-day trading on Friday, hitting $80.19. The company's stock had a trading volume of 1,978,321 shares, compared to its average volume of 2,265,651. The firm's 50 day moving average is $79.80 and its 200 day moving average is $81.46. The company has a market cap of $27.88 billion, a PE ratio of 21.05, a price-to-earnings-growth ratio of 4.96 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. Kellanova has a 52-week low of $77.70 and a 52-week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted 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 return on equity of 32.54% and a net margin of 10.56%. The firm had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. During the same period last year, the business earned $1.01 earnings per share. The firm's revenue for the quarter was up .3% on a year-over-year basis. On average, analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 59.84%.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $80.07, for a total transaction of $9,174,660.81. Following the completion of the transaction, the insider owned 45,326,620 shares in the company, valued at $3,629,302,463.40. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 1,260,413 shares of company stock worth $101,234,081. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

K has been the topic of several research reports. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a research report on Thursday, May 29th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, Kellanova currently has an average rating of "Hold" and a consensus target price 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.