Hsbc Holdings PLC Purchases 71,577 Shares of Kellanova $K

Key Points

• Hsbc Holdings PLC increased its stake in Kellanova by 7.7%, now owning 1,001,528 shares worth approximately $82.58 million after acquiring an additional 71,577 shares in the first quarter.
• Kellanova announced a quarterly dividend increase to $0.58 from $0.57, with an annualized value of $2.32 representing a 2.9% dividend yield.
• The company recently reported a missed earnings estimate of $0.94 EPS compared to the consensus of $0.99, while revenue of $3.20 billion slightly exceeded expectations.

Hsbc Holdings PLC boosted its position in Kellanova (NYSE:K - Free Report) by 7.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,001,528 shares of the company's stock after buying an additional 71,577 shares during the quarter. Hsbc Holdings PLC owned approximately 0.29% of Kellanova worth $82,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Kellanova in the 4th quarter valued at about $857,000. MetLife Investment Management LLC increased its stake in shares of Kellanova by 2.0% in the fourth quarter. MetLife Investment Management LLC now owns 71,041 shares of the company's stock worth $5,752,000 after purchasing an additional 1,392 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Kellanova by 107.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock valued at $102,187,000 after purchasing an additional 653,504 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Kellanova by 1.1% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 109,756 shares of the company's stock valued at $8,887,000 after buying an additional 1,225 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new position in Kellanova in the 4th quarter worth approximately $363,000. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the 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 transaction, the insider owned 45,212,037 shares of the company's stock, valued at $3,616,058,719.26. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 1,260,413 shares of company stock valued at $100,975,123. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

K has been the topic of several recent research reports. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. assumed coverage on Kellanova in a research note on Wednesday. They issued a "neutral" rating and a $83.50 target price for the company. Finally, Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price for the company in a report on Thursday, May 29th. Six equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $83.40.

Kellanova Price Performance

NYSE:K traded up $0.1250 during trading hours on Friday, hitting $80.1150. 2,223,125 shares of the company's stock traded hands, compared to its average volume of 2,078,380. Kellanova has a 52 week low of $77.70 and a 52 week high of $83.22. The business's fifty day simple moving average is $79.70 and its two-hundred day simple moving average is $81.39. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The firm has a market cap of $27.85 billion, a P/E ratio of 21.03, a P/E/G ratio of 4.97 and a beta of 0.27.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share 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 analysts' expectations of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The business's revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 EPS. On average, research analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. Kellanova's payout ratio is presently 59.84%.

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.