Kellanova $K Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its stake in Kellanova by 7.2%, now holding 256,659 shares valued at approximately $21.17 million.
• Institutional investors own 83.87% of Kellanova's stock, with significant increases in positions from firms like Vanguard Group and Pentwater Capital Management.
• Kellanova has announced a quarterly dividend increase to $0.58, up from $0.57, reflecting a dividend yield of 2.9%.

Swedbank AB lowered its stake in shares of Kellanova (NYSE:K - Free Report) by 7.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 256,659 shares of the company's stock after selling 19,767 shares during the period. Swedbank AB owned 0.07% of Kellanova worth $21,172,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Kellanova by 0.8% during the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock worth $2,697,039,000 after buying an additional 259,604 shares during the last quarter. Keybank National Association OH boosted its stake in Kellanova by 0.7% during the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after buying an additional 128,439 shares during the last quarter. 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 buying an additional 2,245,000 shares during the last quarter. Northern Trust Corp raised its position in Kellanova by 3.0% in the first quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock valued at $331,243,000 after purchasing an additional 117,650 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Kellanova by 11.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,953,288 shares of the company's stock valued at $243,617,000 after purchasing an additional 292,063 shares during the period. Institutional investors and hedge funds own 83.87% of the company's stock.

Insider Activity

In related 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 stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the sale, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 1,031,263 shares of company stock valued at $82,079,367. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on K. Wall Street Zen upgraded Kellanova from a "sell" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. began coverage on Kellanova in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price on the stock. Finally, Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Kellanova presently has an average rating of "Hold" and an average price target of $83.38.

Kellanova Price Performance

K stock opened at $79.41 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $27.61 billion, a PE ratio of 20.84, a P/E/G ratio of 4.95 and a beta of 0.27. Kellanova has a 12-month low of $77.70 and a 12-month high of $83.22. The business'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 posted its quarterly earnings data 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 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%. Kellanova's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. On average, sell-side analysts anticipate 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. Investors of record on Tuesday, September 2nd will be issued a $0.58 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

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.

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