Kellanova $K Position Lessened by Vazirani Asset Management LLC

Key Points

• Vazirani Asset Management LLC reduced its stake in Kellanova by 38.5%, selling 25,000 shares, which now represents approximately 12.2% of its total holdings, valued at $3.3 million.
• Kellanova recently declared an increased quarterly dividend of $0.58 per share, set to be paid on September 15th, raising its annualized dividend yield to 2.9%.
• Analysts have mixed outlooks on Kellanova, with one downgrade to "sell" and outside sources giving it a consensus price target of $83.38.

Vazirani Asset Management LLC decreased its holdings in shares of Kellanova (NYSE:K - Free Report) by 38.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,000 shares of the company's stock after selling 25,000 shares during the period. Kellanova accounts for about 12.2% of Vazirani Asset Management LLC's portfolio, making the stock its 2nd biggest position. Vazirani Asset Management LLC's holdings in Kellanova were worth $3,300,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Pinnacle Associates Ltd. grew its holdings in Kellanova by 2.0% during the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock valued at $526,000 after purchasing an additional 123 shares during the period. Independent Advisor Alliance lifted its position in Kellanova by 1.8% in the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock valued at $605,000 after purchasing an additional 131 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Kellanova by 1.3% during the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock valued at $860,000 after acquiring an additional 132 shares in the last quarter. Legacy Advisors LLC boosted its position in shares of Kellanova by 7.1% during the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after purchasing an additional 179 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Kellanova by 6.0% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock valued at $271,000 after buying an additional 185 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Up 0.1%

Shares of NYSE:K traded up $0.07 during trading on Wednesday, hitting $79.01. The company's stock had a trading volume of 2,985,957 shares, compared to its average volume of 1,982,527. The business has a 50 day moving average price of $79.76 and a two-hundred day moving average price of $81.26. The company has a market capitalization of $27.47 billion, a PE ratio of 21.66, a P/E/G ratio of 4.95 and a beta of 0.27. Kellanova has a fifty-two week low of $77.70 and a fifty-two week high of $83.22. 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 (NYSE:K - Get Free Report) last issued 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). The company 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 firm'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. As a group, research analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm 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 dividend of $0.58 per share. This is a boost 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 59.84%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on K shares. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a research report on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, 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. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $83.38.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company'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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 1,260,429 shares of company stock valued at $100,650,980 over the last three months. Company 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.