Twin Securities Inc. Has $29.21 Million Position in Kellanova $K

Key Points

• Twin Securities Inc. increased its position in Kellanova by 27.0%, making the stock its second largest holding at about 15.1% of its total portfolio.
• The company recently announced a quarterly dividend increase to $0.58 per share, reflecting a positive change from the previous dividend of $0.57, with an annual yield of 2.9%.
• Kellanova's latest earnings report revealed a miss in EPS estimates, reporting $0.94 compared to the expected $0.99, although its revenue slightly exceeded expectations at $3.20 billion.

Twin Securities Inc. increased its holdings in shares of Kellanova (NYSE:K - Free Report) by 27.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 354,081 shares of the company's stock after acquiring an additional 75,347 shares during the period. Kellanova makes up 15.1% of Twin Securities Inc.'s investment portfolio, making the stock its 2nd largest holding. Twin Securities Inc. owned about 0.10% of Kellanova worth $29,208,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of K. Pentwater Capital Management LP boosted its stake in Kellanova by 39.0% during the first quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company's stock worth $659,920,000 after acquiring an additional 2,245,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Kellanova by 66.3% during the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock worth $199,049,000 after acquiring an additional 962,172 shares in the last quarter. Sona Asset Management US LLC boosted its stake in Kellanova by 427.9% during the fourth quarter. Sona Asset Management US LLC now owns 698,073 shares of the company's stock worth $56,523,000 after acquiring an additional 565,839 shares in the last quarter. GAMMA Investing LLC boosted its stake in Kellanova by 8,377.9% during the first quarter. GAMMA Investing LLC now owns 568,274 shares of the company's stock worth $46,877,000 after acquiring an additional 561,571 shares in the last quarter. Finally, Alpine Associates Management Inc. boosted its stake in Kellanova by 89.0% during the first quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company's stock worth $95,536,000 after acquiring an additional 545,300 shares in the last quarter. Institutional investors own 83.87% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on K shares. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research note on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective on the stock. Wall Street Zen lowered shares of Kellanova from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Finally, Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research note on Thursday, May 29th. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $83.38.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 1,145,846 shares of company stock worth $91,267,778 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Stock Performance

Shares of K traded up $0.13 during mid-day trading on Tuesday, hitting $79.49. 2,421,635 shares of the company traded hands, compared to its average volume of 2,342,721. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The stock has a 50-day moving average price of $79.80 and a two-hundred day moving average price of $81.16. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22. The stock has a market cap of $27.63 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 4.94 and a beta of 0.27.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data 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). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. During the same period in the previous year, the firm earned $1.01 earnings per share. The firm's revenue for the quarter was up .3% on a year-over-year basis. Equities analysts anticipate 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. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. 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 yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. Kellanova's dividend payout ratio is currently 60.89%.

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.