HGC Investment Management Inc. Has $4.16 Million Stock Holdings in Kellanova $K

Key Points

• HGC Investment Management Inc. reduced its holdings in Kellanova by 54.4%, selling 60,200 shares and retaining 50,389 shares valued at approximately $4.16 million.
• Kellanova's major shareholder, the Kellogg W. K. Foundation Trust, sold over 114,000 shares for $9.12 million, resulting in a slight decrease in their ownership to 45 million shares.
• The company recently announced a quarterly dividend increase to $0.58 per share, reflecting a yield of 2.9% with a payout ratio of 59.84%.

HGC Investment Management Inc. trimmed its holdings in Kellanova (NYSE:K - Free Report) by 54.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,389 shares of the company's stock after selling 60,200 shares during the period. Kellanova comprises about 1.6% of HGC Investment Management Inc.'s investment portfolio, making the stock its 20th largest holding. HGC Investment Management Inc.'s holdings in Kellanova were worth $4,157,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Alliancebernstein L.P. grew its stake in Kellanova by 11.3% in the first quarter. Alliancebernstein L.P. now owns 1,120,213 shares of the company's stock valued at $92,406,000 after acquiring an additional 113,515 shares during the period. Banque Transatlantique SA acquired a new position in shares of Kellanova during the first quarter worth about $301,000. AQR Arbitrage LLC boosted its position in shares of Kellanova by 55.8% during the first quarter. AQR Arbitrage LLC now owns 571,510 shares of the company's stock worth $47,144,000 after buying an additional 204,736 shares during the period. AQR Capital Management LLC boosted its position in shares of Kellanova by 4.1% during the first quarter. AQR Capital Management LLC now owns 274,019 shares of the company's stock worth $22,604,000 after buying an additional 10,765 shares during the period. Finally, Amundi boosted its position in shares of Kellanova by 12.0% during the first quarter. Amundi now owns 2,949,498 shares of the company's stock worth $243,481,000 after buying an additional 316,567 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Kellanova in a research report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective for the company. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Finally, Wall Street Zen cut Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $83.38.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 1,260,429 shares of company stock worth $100,650,980 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Kellanova Stock Performance

NYSE:K traded up $0.38 on Friday, hitting $79.86. The company's stock had a trading volume of 3,493,186 shares, compared to its average volume of 2,250,534. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The stock has a fifty day moving average of $79.81 and a two-hundred day moving average of $81.20. The firm has a market capitalization of $27.76 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. Kellanova has a one year low of $77.70 and a one year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.05). The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. Kellanova's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. Research analysts predict that Kellanova will post 3.93 earnings per share for the current 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 paid 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. The ex-dividend date is Tuesday, September 2nd. Kellanova's dividend payout ratio is 60.89%.

About Kellanova

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.