Groupe la Francaise Buys 50,000 Shares of Kellanova $K

Key Points

• Groupe la Francaise increased its stake in Kellanova by 288.8%, acquiring an additional 50,000 shares and bringing its total holdings to 67,315 shares worth $5.55 million.
• Major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares at an average price of $79.98, decreasing its position by 0.25%.
• Kellanova declared a quarterly dividend of $0.58 per share, reflecting an increase from the previous dividend of $0.57, with a yield of 2.9%.

Groupe la Francaise lifted its stake in Kellanova (NYSE:K - Free Report) by 288.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,315 shares of the company's stock after acquiring an additional 50,000 shares during the period. Groupe la Francaise's holdings in Kellanova were worth $5,553,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Financial Counselors Inc. purchased a new stake in shares of Kellanova in the first quarter worth $522,000. IFM Investors Pty Ltd raised its position in Kellanova by 11.6% during 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 in the last quarter. Retirement Guys Formula LLC purchased a new stake in Kellanova during the first quarter valued at about $934,000. Syquant Capital Sas raised its position in Kellanova by 39.9% during 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 in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Kellanova by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company's stock worth $2,771,000 after buying an additional 3,747 shares during the period. 83.87% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $79.98, for a total value of $9,164,348.34. Following the completion of the transaction, the insider owned 45,212,037 shares of the company's stock, valued at approximately $3,616,058,719.26. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 1,145,830 shares of company stock valued at $91,534,630. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. started coverage on Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price on the stock. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $83.38.

Kellanova Stock Down 0.4%

Shares of K traded down $0.31 during mid-day trading on Thursday, reaching $79.46. The company had a trading volume of 3,397,165 shares, compared to its average volume of 2,915,331. The company has a market capitalization of $27.62 billion, a price-to-earnings ratio of 20.85, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The firm has a 50-day moving average price of $79.71 and a 200 day moving average price of $81.35. Kellanova has a 52 week low of $77.70 and a 52 week 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 analysts' expectations of $3.19 billion. During the same quarter in the prior year, the firm posted $1.01 earnings per share. Kellanova's quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 represents a $2.32 annualized dividend and a yield of 2.9%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is currently 59.84%.

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.