Handelsbanken Fonder AB Trims Holdings in Kellanova (NYSE:K)

Handelsbanken Fonder AB trimmed its stake in Kellanova (NYSE:K - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 118,431 shares of the company's stock after selling 7,571 shares during the quarter. Handelsbanken Fonder AB's holdings in Kellanova were worth $9,769,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Independent Advisor Alliance boosted its holdings in Kellanova by 16.5% in the fourth quarter. Independent Advisor Alliance now owns 7,203 shares of the company's stock worth $583,000 after purchasing an additional 1,019 shares in the last quarter. Aviva PLC lifted its position in shares of Kellanova by 2.6% in the fourth quarter. Aviva PLC now owns 542,709 shares of the company's stock worth $43,943,000 after buying an additional 13,531 shares during the last quarter. Alpine Associates Management Inc. boosted its stake in shares of Kellanova by 93.5% during the 4th quarter. Alpine Associates Management Inc. now owns 612,850 shares of the company's stock worth $49,622,000 after acquiring an additional 296,150 shares in the last quarter. Decagon Asset Management LLP bought a new stake in shares of Kellanova during the 4th quarter worth about $10,125,000. Finally, Pictet Asset Management Holding SA increased its holdings in shares of Kellanova by 12.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 164,657 shares of the company's stock valued at $13,332,000 after acquiring an additional 18,045 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Price Performance

K stock traded down $0.35 during trading on Friday, reaching $79.87. 4,243,205 shares of the company were exchanged, compared to its average volume of 2,831,889. The company has a market capitalization of $27.71 billion, a price-to-earnings ratio of 20.64, a P/E/G ratio of 4.21 and a beta of 0.30. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. The company has a 50-day moving average of $82.26 and a two-hundred day moving average of $81.91. Kellanova has a twelve month low of $55.96 and a twelve month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing analysts' consensus estimates of $1.01 by ($0.11). Kellanova had a net margin of 10.53% and a return on equity of 37.25%. The firm had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period last year, the company posted $1.01 EPS. The business's revenue was down 3.7% compared to the same quarter last year. As a group, equities analysts predict that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.85%. Kellanova's dividend payout ratio (DPR) is presently 57.58%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on K shares. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Royal Bank of Canada lowered Kellanova from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 14th. Finally, Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen investment 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, Kellanova presently has a consensus rating of "Hold" and an average price target of $79.75.

Insider Transactions 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 Monday, June 9th. The shares were sold at an average price of $81.89, for a total transaction of $9,383,201.87. Following the completion of the sale, the insider now owns 46,357,867 shares of the company's stock, valued at $3,796,245,728.63. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,260,413 shares of company stock worth $103,673,553 in the last ninety days. 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.