Kellanova (NYSE:K) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Kellanova by 6.0% in Q1, owning approximately 0.14% of the company, valued at $40.5 million.
• Kellanova recently boosted its quarterly dividend to $0.58, representing an annualized yield of 2.9% and an increase from the previous dividend of $0.57.
• Kellanova's latest earnings report revealed a miss in EPS at $0.94, with revenues slightly exceeding expectations at $3.20 billion, alongside a return on equity of 32.54% for the quarter.

OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Kellanova (NYSE:K - Free Report) by 6.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 491,553 shares of the company's stock after acquiring an additional 27,900 shares during the period. Kellanova makes up 1.1% of OVERSEA CHINESE BANKING Corp Ltd's holdings, making the stock its 19th biggest holding. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.14% of Kellanova worth $40,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of Kellanova by 4.6% in the first quarter. PNC Financial Services Group Inc. now owns 78,623 shares of the company's stock valued at $6,486,000 after purchasing an additional 3,422 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Kellanova by 6.0% in 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 purchasing an additional 185 shares during the period. Alpine Associates Management Inc. boosted its stake in shares of Kellanova by 89.0% in the first quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company's stock valued at $95,536,000 after purchasing an additional 545,300 shares during the period. Natixis Advisors LLC lifted its stake in Kellanova by 9.2% in the first quarter. Natixis Advisors LLC now owns 67,130 shares of the company's stock worth $5,538,000 after acquiring an additional 5,647 shares during the last quarter. Finally, NorthRock Partners LLC lifted its stake in Kellanova by 5.7% in the first quarter. NorthRock Partners LLC now owns 10,684 shares of the company's stock worth $881,000 after acquiring an additional 580 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research note on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $79.75.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $79.92, for a total value of $9,157,473.36. Following the transaction, the insider directly owned 45,670,369 shares of the company's stock, valued at approximately $3,649,975,890.48. The trade was a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 1,374,996 shares of company stock valued at $110,891,136. Insiders own 1.80% of the company's stock.

Kellanova Stock Up 0.1%

Shares of NYSE:K opened at $79.90 on Friday. The company has a market capitalization of $27.72 billion, a PE ratio of 20.97, a P/E/G ratio of 4.26 and a beta of 0.27. The company has a current ratio of 0.68, a quick ratio of 0.52 and a debt-to-equity ratio of 1.03. Kellanova has a twelve month low of $61.47 and a twelve month high of $83.22. The firm has a 50 day simple moving average of $80.24 and a 200-day simple moving average of $81.57.

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. On average, equities analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued 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. Kellanova's payout ratio is presently 59.84%.

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.

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