Zurcher Kantonalbank Zurich Cantonalbank Acquires 3,473 Shares of Kellanova (NYSE:K)

Key Points

• Zurcher Kantonalbank has increased its stake in Kellanova by 2.8%, now holding 128,622 shares valued at approximately $10.61 million.
• Kellanova announced a dividend increase, with a new quarterly dividend of $0.58 per share, marking an annual yield of 2.91%.
• The company reported a loss in earnings per share for the last quarter, at $0.90, which was below the analyst consensus estimate of $1.01.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kellanova (NYSE:K - Free Report) by 2.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,622 shares of the company's stock after acquiring an additional 3,473 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Kellanova were worth $10,610,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in K. Grove Bank & Trust purchased a new stake in Kellanova in the first quarter worth $25,000. MorganRosel Wealth Management LLC purchased a new stake in Kellanova in the first quarter worth $27,000. Accredited Wealth Management LLC purchased a new stake in Kellanova in the fourth quarter worth $36,000. Minot DeBlois Advisors LLC purchased a new stake in Kellanova in the fourth quarter worth $42,000. Finally, EQ Wealth Advisors LLC purchased a new stake in Kellanova in the first quarter worth $49,000. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Performance

Shares of Kellanova stock traded up $0.07 during trading on Friday, hitting $79.90. 2,574,836 shares of the company's stock traded hands, compared to its average volume of 2,658,658. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.52. Kellanova has a 1 year low of $61.47 and a 1 year high of $83.22. The stock has a market capitalization of $27.72 billion, a P/E ratio of 20.97, a PEG ratio of 4.26 and a beta of 0.27. The business 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 released its quarterly earnings data 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 for 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 company's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. As a group, analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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%. Kellanova's dividend payout ratio is currently 59.84%.

Analyst Upgrades and Downgrades

K has been the topic of several recent research reports. 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 Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, Kellanova has a consensus rating of "Hold" and a consensus price target of $79.75.

Insiders Place Their Bets

In other 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 transaction of $9,157,473.36. Following the completion of the sale, the insider owned 45,670,369 shares of the company's stock, valued at $3,649,975,890.48. The trade was a 0.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 1,374,996 shares of company stock valued at $110,891,136 in the last 90 days. 1.80% of the stock is currently 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.