Intech Investment Management LLC Reduces Position in Kellanova $K

Key Points

• Intech Investment Management LLC reduced its stake in Kellanova by 17.3%, owning 86,615 shares worth approximately $7.15 million after selling 18,105 shares.
• Kellanova's major shareholder, the Kellogg W. K. Foundation Trust, sold 114,599 shares at an average price of $79.55, representing a decrease of 0.25% in ownership.
• The company recently announced a quarterly dividend of $0.58 per share, which follows an increase from the previous quarterly dividend of $0.57 and represents a yield of 2.9%.

Intech Investment Management LLC lessened its position in Kellanova (NYSE:K - Free Report) by 17.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,615 shares of the company's stock after selling 18,105 shares during the quarter. Intech Investment Management LLC's holdings in Kellanova were worth $7,145,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Pinnacle Associates Ltd. increased its stake in Kellanova by 2.0% in the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after buying an additional 123 shares during the period. Independent Advisor Alliance increased its stake in Kellanova by 1.8% in the 1st quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock worth $605,000 after buying an additional 131 shares during the period. Sequoia Financial Advisors LLC increased its stake in Kellanova by 1.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after buying an additional 132 shares during the period. Legacy Advisors LLC increased its stake in Kellanova by 7.1% in the 1st quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock worth $222,000 after buying an additional 179 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in Kellanova by 6.0% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock worth $271,000 after buying an additional 185 shares during the period. Institutional investors own 83.87% of the company's stock.

Wall Street Analyst Weigh In

K has been the topic of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price target on the stock. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a research note on Thursday, May 29th. Finally, Wall Street Zen raised shares of Kellanova from a "sell" rating to a "hold" rating in a research note on Saturday. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Kellanova presently has an average rating of "Hold" and a consensus price target of $83.38.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares of the company's stock, valued at $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 link. Over the last quarter, insiders have sold 1,031,263 shares of company stock valued at $82,079,367. 1.80% of the stock is owned by insiders.

Kellanova Stock Down 0.5%

Shares of NYSE:K traded down $0.36 during trading hours on Monday, hitting $79.07. The company's stock had a trading volume of 1,840,168 shares, compared to its average volume of 2,928,547. Kellanova has a 52 week low of $77.70 and a 52 week high of $83.22. 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 $27.49 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 4.95 and a beta of 0.27. The firm's fifty day moving average price is $79.76 and its 200 day moving average price is $81.08.

Kellanova (NYSE:K - Get Free Report) last issued 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). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same period in the previous year, the firm earned $1.01 EPS. The firm's quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is presently 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.