Kellanova $K Stock Holdings Decreased by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly reduced its stake in Kellanova by 92.3%, selling 62,915 shares and holding only 5,213 shares worth $430,000.
• Institutional investors own 83.87% of Kellanova's stock, with several, including JPMorgan Chase & Co. and Bank of America Corp DE, increasing their holdings in the first quarter.
• Kellanova recently announced a quarterly dividend increase to $0.58 per share, demonstrating a commitment to returning value to shareholders.

Caisse DE Depot ET Placement DU Quebec reduced its position in shares of Kellanova (NYSE:K - Free Report) by 92.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,213 shares of the company's stock after selling 62,915 shares during the period. Caisse DE Depot ET Placement DU Quebec's holdings in Kellanova were worth $430,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. PSquared Asset Management AG purchased a new stake in Kellanova during the 1st quarter worth about $28,905,000. ICONIQ Capital LLC purchased a new stake in Kellanova during the first quarter worth approximately $210,000. Jump Financial LLC boosted its holdings in Kellanova by 147.1% in the first quarter. Jump Financial LLC now owns 10,168 shares of the company's stock valued at $839,000 after purchasing an additional 6,053 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Kellanova by 27.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 13,960 shares of the company's stock valued at $1,152,000 after purchasing an additional 3,025 shares during the last quarter. Finally, Groupe la Francaise raised its holdings in Kellanova by 288.8% during the first quarter. Groupe la Francaise now owns 67,315 shares of the company's stock worth $5,553,000 after purchasing an additional 50,000 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Analyst Ratings Changes

K has been the subject of several research analyst reports. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price for the company in a report on Thursday, May 29th. 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 objective for the company. Finally, Wall Street Zen cut Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $83.38.

Kellanova Stock Performance

Kellanova stock traded up $0.69 during trading hours on Thursday, reaching $79.73. 1,902,166 shares of the stock were exchanged, compared to its average volume of 2,923,239. The stock has a market cap of $27.72 billion, a P/E ratio of 20.93, a P/E/G ratio of 4.95 and a beta of 0.27. The firm's 50 day moving average is $79.78 and its 200 day moving average is $81.25. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. Kellanova has a 52-week low of $77.70 and a 52-week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate 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%.The company's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the company earned $1.01 earnings per share. Analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. The ex-dividend date is Tuesday, September 2nd. Kellanova's dividend payout ratio (DPR) is presently 59.84%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction dated 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 sale, the insider owned 45,097,438 shares of the company's stock, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 1,260,429 shares of company stock worth $100,650,980 over the last quarter. Corporate insiders own 1.80% of the company's stock.

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.