Headlands Technologies LLC Grows Holdings in Kellanova (NYSE:K)

Key Points

• Headlands Technologies LLC dramatically increased its stake in Kellanova by 6,601.0%, owning 47,242 shares worth approximately $3.9 million at the end of the first quarter.
• Kellanova announced a quarterly dividend increase to $0.58 per share, with a dividend yield of 2.9%, highlighting the company's commitment to returning value to shareholders.
• The stock's recent price performance shows a market capitalization of $27.76 billion, with a 12-month high of $83.22 and a low of $72.27, indicating a relatively stable position in the market.

Headlands Technologies LLC raised its stake in Kellanova (NYSE:K - Free Report) by 6,601.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,242 shares of the company's stock after buying an additional 46,537 shares during the period. Headlands Technologies LLC's holdings in Kellanova were worth $3,897,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Financial Counselors Inc. purchased a new stake in Kellanova in the first quarter worth approximately $522,000. IFM Investors Pty Ltd lifted its holdings in shares of 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 purchased a new stake in shares of Kellanova in the 1st quarter valued at $934,000. Syquant Capital Sas grew its holdings in shares of Kellanova by 39.9% during the 1st 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 last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Kellanova by 12.6% during the 1st 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 last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research note on Thursday, May 29th. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Twelve research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Kellanova presently has an average rating of "Hold" and an average price target of $81.80.

Kellanova Price Performance

K stock opened at $79.84 on Thursday. The stock has a market capitalization of $27.76 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 4.95 and a beta of 0.27. The firm's 50-day moving average price is $80.09 and its two-hundred day moving average price is $81.54. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a 12-month low of $72.27 and a 12-month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The firm's revenue for the quarter was up .3% on a year-over-year basis. As a group, equities analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm 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 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 an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is currently 59.84%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, July 28th. The shares were sold at an average price of $79.79, for a total value of $9,142,577.57. Following the sale, the insider owned 45,555,786 shares in the company, valued at $3,634,896,164.94. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 1,260,413 shares of company stock valued at $101,431,163 over 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.

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