JPMorgan Chase & Co. Has $199.05 Million Stock Holdings in Kellanova (NYSE:K)

Key Points

• JPMorgan Chase & Co. increased its stake in Kellanova by 66.3%, owning approximately $199.05 million worth of shares after purchasing an additional 962,172 shares in the 1st quarter.
• Kellanova recently declared a $0.58 quarterly dividend, representing a slight increase from the previous dividend of $0.57, with a payout ratio of 59.84%.
• Despite Kellanova's missed earnings estimate of $0.99 per share in its latest quarterly report, the company achieved a revenue of $3.20 billion, slightly above analyst expectations.

JPMorgan Chase & Co. grew its position in shares of Kellanova (NYSE:K - Free Report) by 66.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,413,007 shares of the company's stock after purchasing an additional 962,172 shares during the quarter. JPMorgan Chase & Co. owned about 0.70% of Kellanova worth $199,049,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Grove Bank & Trust bought a new stake in shares of Kellanova in the 1st quarter valued at $25,000. MorganRosel Wealth Management LLC bought a new stake in shares of Kellanova in the 1st quarter valued at $27,000. Accredited Wealth Management LLC bought a new stake in shares of Kellanova in the 4th quarter valued at $36,000. Minot DeBlois Advisors LLC acquired a new stake in Kellanova in the 4th quarter valued at $42,000. Finally, EQ Wealth Advisors LLC acquired a new stake in Kellanova in the 1st quarter valued at $49,000. Institutional investors own 83.87% of the company's stock.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 45,555,786 shares of the company's stock, valued at approximately $3,634,896,164.94. The trade was a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 1,145,830 shares of company stock valued at $92,059,420. 1.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on K. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Ten equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Kellanova presently has a consensus rating of "Hold" and a consensus price target of $83.38.

Kellanova Price Performance

K opened at $80.18 on Thursday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The company has a market capitalization of $27.88 billion, a price-to-earnings ratio of 21.04, a P/E/G ratio of 4.97 and a beta of 0.27. The firm's fifty day moving average price is $79.88 and its two-hundred day moving average price is $81.48. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%. Kellanova's revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. As a group, analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared 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. This is an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. Kellanova's payout ratio is 59.84%.

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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