Northwest & Ethical Investments L.P. Raises Stake in Kellanova $K

Key Points

• Northwest & Ethical Investments L.P. increased its holdings in Kellanova by 42% in the first quarter, owning 34,984 shares valued at approximately $2.89 million.
• Insider Kellogg W. K. Foundation Trust sold 114,583 shares for a total of $9.17 million, reducing their ownership by 0.25%.
• Kellanova recently declared a quarterly dividend of $0.58 per share, up from $0.57, representing an annualized yield of 2.9%.

Northwest & Ethical Investments L.P. increased its stake in Kellanova (NYSE:K - Free Report) by 42.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,984 shares of the company's stock after acquiring an additional 10,345 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Kellanova were worth $2,886,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in K. Tudor Investment Corp ET AL lifted its stake in shares of Kellanova by 136.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after acquiring an additional 1,006,100 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Kellanova by 66.3% in 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 during the period. TIG Advisors LLC lifted its stake in shares of Kellanova by 76.5% in the fourth quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after acquiring an additional 813,901 shares during the period. Bank of America Corp DE lifted its stake in shares of Kellanova by 43.1% in the fourth quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock worth $182,659,000 after acquiring an additional 679,754 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its stake 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 worth $102,187,000 after acquiring an additional 653,504 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Stock Up 0.2%

Shares of NYSE:K traded up $0.1250 during trading on Friday, reaching $80.1150. 2,223,125 shares of the stock were exchanged, compared to its average volume of 2,078,380. The stock has a fifty day moving average of $79.70 and a two-hundred day moving average of $81.39. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22. The firm has a market cap of $27.85 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company 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 firm's revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Research analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid 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 annualized dividend and a dividend yield of 2.9%. Kellanova's dividend payout ratio is presently 59.84%.

Analyst Ratings Changes

A number of equities analysts recently commented on K shares. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. began coverage on Kellanova in a research note on Wednesday. They issued a "neutral" rating and a $83.50 price target on the stock. Six equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $83.40.

Insider Buying and Selling at Kellanova

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 stock was sold at an average price of $79.98, for a total transaction of $9,164,348.34. Following the completion of the transaction, the insider owned 45,212,037 shares in the company, valued at approximately $3,616,058,719.26. This represents a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 1,260,413 shares of company stock worth $100,975,123. 1.80% of the stock is currently owned by corporate insiders.

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.