ING Groep NV Raises Stock Position in Kellanova (NYSE:K)

Key Points

• ING Groep NV enhanced its stake in Kellanova by 172.2% during the first quarter, now holding 291,311 shares worth approximately $24 million.
• Research firms have recently updated their ratings on Kellanova, with Citigroup upgrading it to a "neutral" rating and a target price of $83.50, while Wall Street Zen downgraded it from "buy" to "hold".
• Kellanova declared a quarterly dividend of $0.58 per share, resulting in an annualized dividend of $2.32 and a dividend yield of 2.9%.

ING Groep NV raised its stake in Kellanova (NYSE:K - Free Report) by 172.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 291,311 shares of the company's stock after acquiring an additional 184,291 shares during the quarter. ING Groep NV owned approximately 0.08% of Kellanova worth $24,030,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of K. Keybank National Association OH raised its holdings in shares of Kellanova by 0.7% during the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after acquiring an additional 128,439 shares during the period. Pentwater Capital Management LP raised its stake in Kellanova by 8.5% during the fourth quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock worth $465,982,000 after purchasing an additional 450,700 shares during the period. Invesco Ltd. boosted its holdings in Kellanova by 2.7% in the 4th quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock valued at $337,489,000 after purchasing an additional 111,396 shares during the last quarter. Northern Trust Corp grew its stake in shares of Kellanova by 15.7% in the 4th quarter. Northern Trust Corp now owns 3,897,899 shares of the company's stock valued at $315,613,000 after buying an additional 530,132 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of 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 buying an additional 86,293 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Monday, July 28th. The shares were 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 $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 SEC, which is available at this link. In the last ninety days, insiders have sold 1,260,413 shares of company stock valued at $101,431,163. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Kellanova Stock Up 0.1%

NYSE:K traded up $0.07 during midday trading on Wednesday, reaching $79.84. The company had a trading volume of 1,382,968 shares, compared to its average volume of 2,695,521. Kellanova has a 12-month low of $72.27 and a 12-month high of $83.22. The firm has a market capitalization of $27.76 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 4.95 and a beta of 0.27. 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 stock's fifty day simple moving average is $80.14 and its 200-day simple moving average is $81.55.

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 business 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%. The business's quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS. On average, sell-side analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is 59.84%.

Kellanova 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.