Kellanova (NYSE:K) Shares Bought by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. increased its stake in Kellanova by 33.7% in the first quarter, holding over 25,000 shares valued at approximately $2.08 million.
• Kellanova announced a quarterly dividend increase to $0.58 per share, reflecting a positive change from the previous dividend of $0.57 and a dividend yield of 2.9%.
• Despite missing earnings estimates with an EPS of $0.94 compared to a projected $0.99, Kellanova reported a revenue of $3.20 billion for the quarter, slightly exceeding expectations.

iA Global Asset Management Inc. grew its stake in shares of Kellanova (NYSE:K - Free Report) by 33.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,242 shares of the company's stock after purchasing an additional 6,364 shares during the quarter. iA Global Asset Management Inc.'s holdings in Kellanova were worth $2,082,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Costello Asset Management INC acquired a new position in shares of Kellanova in the first quarter worth about $99,000. ING Groep NV lifted its stake in shares of Kellanova by 172.2% in the first quarter. ING Groep NV now owns 291,311 shares of the company's stock worth $24,030,000 after acquiring an additional 184,291 shares in the last quarter. Raiffeisen Bank International AG lifted its stake in shares of Kellanova by 14.5% in the first quarter. Raiffeisen Bank International AG now owns 158,050 shares of the company's stock worth $13,034,000 after acquiring an additional 19,990 shares in the last quarter. Avalon Trust Co acquired a new position in shares of Kellanova in the first quarter worth about $62,000. Finally, R Squared Ltd acquired a new position in shares of Kellanova in the first quarter worth about $552,000. Institutional investors and hedge funds own 83.87% of the company's stock.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $79.79, for a total transaction of $9,142,577.57. Following the completion of the transaction, the insider directly owned 45,555,786 shares of the company's stock, valued at approximately $3,634,896,164.94. 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 can be accessed through the SEC website. Insiders sold 1,260,413 shares of company stock worth $101,431,163 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on K shares. Citigroup upgraded 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 cut Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Twelve research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $81.80.

Kellanova Trading Up 0.1%

Shares of NYSE K opened at $79.84 on Thursday. The stock's 50 day moving average price is $80.09 and its two-hundred day moving average price is $81.54. Kellanova has a 52-week low of $72.27 and a 52-week high of $83.22. The stock has a market capitalization of $27.76 billion, a P/E ratio of 20.95, a PEG ratio of 4.95 and a beta of 0.27. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03.

Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.94 EPS 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 the consensus estimate of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the company posted $1.01 earnings per share. On average, analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business 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 dividend of $0.58 per share. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. Kellanova's dividend payout ratio is 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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