Cinctive Capital Management LP Lowers Stake in Kellanova $K

Key Points

• Cinctive Capital Management LP has reduced its stake in Kellanova by 2.2%, now holding approximately $35.89 million worth of shares, which constitutes 2.7% of its total portfolio.
• Several hedge funds significantly increased their holdings in Kellanova, including JPMorgan Chase & Co. with a 66.3% increase, now owning over 2.4 million shares valued at $199 million.
• Kellanova announced a quarterly dividend increase to $0.58 per share, reflecting an annual yield of 2.9%, payable on September 15th.

Cinctive Capital Management LP reduced its holdings in shares of Kellanova (NYSE:K - Free Report) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 435,079 shares of the company's stock after selling 10,000 shares during the period. Kellanova comprises approximately 2.7% of Cinctive Capital Management LP's portfolio, making the stock its 2nd biggest holding. Cinctive Capital Management LP owned about 0.13% of Kellanova worth $35,890,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Kellanova by 0.8% in the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock worth $2,697,039,000 after purchasing an additional 259,604 shares during the last quarter. Keybank National Association OH lifted its stake in shares of Kellanova by 0.7% in the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock valued at $1,626,579,000 after acquiring an additional 128,439 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Kellanova by 3.0% in the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock valued at $331,243,000 after acquiring an additional 117,650 shares during the last quarter. Amundi boosted its holdings in Kellanova by 12.0% during the 1st quarter. Amundi now owns 2,949,498 shares of the company's stock valued at $243,481,000 after acquiring an additional 316,567 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Kellanova by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock worth $215,479,000 after acquiring an additional 86,293 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Kellanova Stock Up 0.5%

Shares of NYSE K traded up $0.38 during mid-day trading on Friday, hitting $79.86. 3,493,186 shares of the stock traded hands, compared to its average volume of 2,250,534. The company has a market cap of $27.76 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 4.97 and a beta of 0.27. The stock has a fifty day moving average price of $79.81 and a 200-day moving average price of $81.20. 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 quick ratio of 0.45 and a current ratio of 0.68.

Kellanova (NYSE:K - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the firm posted $1.01 EPS. The business's quarterly revenue was up .3% on a year-over-year basis. Research analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The business 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 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is currently 60.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on K shares. 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. Wall Street Zen lowered shares of Kellanova from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Finally, JPMorgan Chase & Co. started coverage on shares of Kellanova in a research report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price target for the company. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $83.38.

Insiders Place Their Bets

In other Kellanova 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 directly 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 legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 1,260,429 shares of company stock worth $100,650,980. 1.80% of the stock is owned by company 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.