Kellanova (NYSE:K) Shares Sold by Auto Owners Insurance Co

Auto Owners Insurance Co reduced its holdings in shares of Kellanova (NYSE:K - Free Report) by 82.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,800 shares of the company's stock after selling 132,000 shares during the quarter. Auto Owners Insurance Co's holdings in Kellanova were worth $2,376,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Kellanova in the 4th quarter worth $285,126,000. Franklin Resources Inc. lifted its holdings in Kellanova by 869.5% in the fourth quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock worth $208,826,000 after acquiring an additional 2,313,047 shares during the last quarter. FIL Ltd raised its holdings in shares of Kellanova by 182.3% during the fourth quarter. FIL Ltd now owns 2,388,000 shares of the company's stock valued at $193,356,000 after buying an additional 1,542,000 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in Kellanova by 136.0% during the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after purchasing an additional 1,006,100 shares in the last quarter. Finally, TIG Advisors LLC raised its holdings in Kellanova by 76.5% during the fourth quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after purchasing an additional 813,901 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Kellanova Stock Performance

Shares of NYSE K opened at $80.05 on Wednesday. The firm has a market capitalization of $27.77 billion, a price-to-earnings ratio of 20.22, a price-to-earnings-growth ratio of 4.24 and a beta of 0.28. Kellanova has a 12-month low of $56.37 and a 12-month high of $83.22. The firm has a 50 day moving average of $80.70 and a 200 day moving average of $81.68. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The company had revenue of $3.08 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same period last year, the firm posted $1.01 EPS. Kellanova's quarterly revenue was down 3.7% compared to the same quarter last year. On average, research analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.85%. Kellanova's payout ratio is 57.58%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on K shares. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Fourteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $79.75.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $82.56, for a total value of $9,459,972.48. Following the sale, the insider directly owned 46,816,199 shares in the company, valued at approximately $3,865,145,389.44. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 1,374,996 shares of company stock worth $111,198,218. 1.80% of the stock is owned by corporate 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.

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