Element Capital Management LLC Invests $2.73 Million in Kellanova (NYSE:K)

Key Points

• Element Capital Management LLC has invested approximately $2.73 million in Kellanova by acquiring 33,090 shares, highlighting growing institutional interest in the company.
• Kellanova reported earnings per share of $0.94 for the last quarter, missing analysts' expectations, while revenue increased by 0.3% year-over-year.
• The company announced an increase in its quarterly dividend to $0.58 per share, indicating a consistent commitment to returning value to shareholders.

Element Capital Management LLC purchased a new position in shares of Kellanova (NYSE:K - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 33,090 shares of the company's stock, valued at approximately $2,730,000.

Several other hedge funds and other institutional investors have also modified their holdings of K. Financial Counselors Inc. purchased a new position in Kellanova in the first quarter valued at $522,000. IFM Investors Pty Ltd boosted its holdings in Kellanova by 11.6% in the first quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company's stock valued at $4,620,000 after purchasing an additional 5,957 shares during the period. Retirement Guys Formula LLC purchased a new position in Kellanova in the first quarter valued at $934,000. Syquant Capital Sas boosted its holdings in Kellanova by 39.9% in the first quarter. Syquant Capital Sas now owns 511,400 shares of the company's stock valued at $42,185,000 after purchasing an additional 145,900 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Kellanova by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company's stock valued at $2,771,000 after purchasing an additional 3,747 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Stock Down 0.1%

Kellanova stock opened at $80.10 on Friday. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The stock has a market cap of $27.85 billion, a PE ratio of 21.02, a P/E/G ratio of 4.97 and a beta of 0.27. The stock's fifty day moving average is $79.84 and its two-hundred day moving average is $81.47.

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 net margin of 10.56% and a return on equity of 32.54%. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the business earned $1.01 earnings per share. The firm's quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

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

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated 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 sale, the insider owned 45,326,620 shares in the company, valued at approximately $3,629,302,463.40. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 1,260,413 shares of company stock worth $101,234,081 in the last 90 days. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on K. Citigroup upgraded 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. Ten equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $83.38.

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.

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