First Manhattan CO. LLC. Decreases Stock Holdings in Kellanova $K

Key Points

• First Manhattan Co. LLC significantly reduced its stake in Kellanova by 61.2%, selling 11,584 shares and leaving them with 7,334 shares worth approximately $605,000.
• Kellanova's quarterly earnings report showed an EPS of $0.94, missing estimates by $0.05, while revenue of $3.20 billion exceeded analyst expectations.
• The company announced a quarterly dividend increase to $0.58 per share, effective September 15th, representing an annualized yield of 2.9%.

First Manhattan CO. LLC. lowered its holdings in shares of Kellanova (NYSE:K - Free Report) by 61.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 7,334 shares of the company's stock after selling 11,584 shares during the period. First Manhattan CO. LLC.'s holdings in Kellanova were worth $605,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Counselors Inc. bought a new position in shares of Kellanova during the 1st quarter valued at $522,000. IFM Investors Pty Ltd grew its holdings in Kellanova by 11.6% in the 1st quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company's stock worth $4,620,000 after acquiring an additional 5,957 shares during the last quarter. Retirement Guys Formula LLC bought a new stake in Kellanova in the 1st quarter worth $934,000. Syquant Capital Sas grew its holdings in Kellanova by 39.9% in the 1st quarter. Syquant Capital Sas now owns 511,400 shares of the company's stock worth $42,185,000 after acquiring an additional 145,900 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Kellanova by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company's stock worth $2,771,000 after acquiring an additional 3,747 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Kellanova Trading Up 0.5%

Shares of K traded up $0.38 during trading hours on Friday, reaching $79.86. 3,493,186 shares of the company traded hands, compared to its average volume of 2,250,534. The company's fifty day moving average price is $79.81 and its two-hundred day moving average price is $81.20. The company has a market capitalization of $27.76 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 4.97 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. Kellanova has a 12 month low of $77.70 and a 12 month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last announced its 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 for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the firm posted $1.01 EPS. The company's revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts predict that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is an increase from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova's dividend payout ratio is 60.89%.

Analysts Set New Price Targets

K has been the topic of a number of recent analyst reports. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price target on the stock. Finally, Wall Street Zen lowered shares of Kellanova from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Five equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $83.38.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the transaction, the insider directly owned 45,097,438 shares of the company's stock, valued at $3,587,501,192.90. This trade represents a 0.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 1,260,429 shares of company stock worth $100,650,980. Company insiders own 1.80% of the company's stock.

Kellanova Company 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.