Kellanova $K is Magnetar Financial LLC's 2nd Largest Position

Key Points

• Magnetar Financial LLC increased its stake in Kellanova by 20.3% in the first quarter, making it the firm's second largest position, with 1,131,157 shares valued at approximately $93.3 million.
• Kellanova recently declared a quarterly dividend of $0.58, up from $0.57, representing an annualized total of $2.32 and a dividend yield of 2.9%, highlighting the company's commitment to returning value to shareholders.
• Institutional investors own 83.87% of Kellanova shares, indicating strong confidence in the company's performance despite low insider ownership of only 1.80% following significant share sales.

Magnetar Financial LLC increased its holdings in shares of Kellanova (NYSE:K - Free Report) by 20.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,131,157 shares of the company's stock after acquiring an additional 191,151 shares during the period. Kellanova comprises approximately 1.3% of Magnetar Financial LLC's holdings, making the stock its 2nd largest holding. Magnetar Financial LLC owned approximately 0.33% of Kellanova worth $93,309,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in Kellanova by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock valued at $2,697,039,000 after buying an additional 259,604 shares during the last quarter. Keybank National Association OH increased its position in Kellanova by 0.7% in the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after purchasing an additional 128,439 shares during the period. Northern Trust Corp raised its holdings in Kellanova by 3.0% during the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock worth $331,243,000 after purchasing an additional 117,650 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Kellanova by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock worth $215,479,000 after purchasing an additional 86,293 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Kellanova by 66.3% in the 1st quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock valued at $199,049,000 after purchasing an additional 962,172 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the sale, the insider directly owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 1,260,429 shares of company stock worth $100,650,980 over the last 90 days. Company insiders own 1.80% of the company's stock.

Kellanova Trading Up 0.0%

Shares of Kellanova stock traded up $0.01 during trading on Tuesday, reaching $78.93. 2,281,783 shares of the stock were exchanged, compared to its average volume of 2,931,027. 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 $27.44 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 4.95 and a beta of 0.27. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22. The stock's fifty day moving average is $79.75 and its 200 day moving average is $81.28.

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

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.58 per share. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on K. 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 cut shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. assumed coverage on Kellanova in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price target on the stock. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $83.38.

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.