Kellanova (NYSE:K) Shares Sold by Koss Olinger Consulting LLC

Key Points

• Koss Olinger Consulting LLC has significantly reduced its holdings in Kellanova by 89.1% during the first quarter, now owning only 3,270 shares valued at approximately $270,000.
• Kellanova has announced a quarterly dividend increase to $0.58 per share, reflecting a 2.9% yield and a payout ratio of 59.84%.
• Despite a missed earnings estimate for the last quarter at $0.94 EPS, Kellanova's revenue increased slightly by 0.3% year-over-year, totaling $3.20 billion.

Koss Olinger Consulting LLC reduced its position in shares of Kellanova (NYSE:K - Free Report) by 89.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,270 shares of the company's stock after selling 26,658 shares during the period. Koss Olinger Consulting LLC's holdings in Kellanova were worth $270,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in Kellanova by 17.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,433 shares of the company's stock valued at $448,000 after purchasing an additional 793 shares during the last quarter. Townsquare Capital LLC grew its holdings in Kellanova by 27.7% in the 1st quarter. Townsquare Capital LLC now owns 7,244 shares of the company's stock valued at $598,000 after buying an additional 1,571 shares during the period. Wolverine Asset Management LLC grew its holdings in Kellanova by 5.6% in the 1st quarter. Wolverine Asset Management LLC now owns 39,576 shares of the company's stock valued at $3,265,000 after buying an additional 2,100 shares during the period. Forsta AP Fonden increased its stake in shares of Kellanova by 1.7% during the 1st quarter. Forsta AP Fonden now owns 67,700 shares of the company's stock valued at $5,585,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Kellanova by 101.6% during the 1st quarter. Citigroup Inc. now owns 457,138 shares of the company's stock worth $37,709,000 after acquiring an additional 230,397 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Stock Down 0.0%

Shares of NYSE K opened at $80.07 on Monday. The stock has a fifty day moving average price of $79.99 and a 200 day moving average price of $81.51. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a 12-month low of $72.92 and a 12-month high of $83.22. The company has a market cap of $27.84 billion, a P/E ratio of 21.01, a P/E/G ratio of 4.96 and a beta of 0.27.

Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. Kellanova's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. Research analysts anticipate that Kellanova will post 3.93 EPS 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 given 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 dividend yield of 2.9%. Kellanova's payout ratio is presently 59.84%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Twelve equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Kellanova has an average rating of "Hold" and a consensus target price of $81.80.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction on 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 sale, the insider directly owned 45,555,786 shares of the company's stock, valued at approximately $3,634,896,164.94. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 1,260,413 shares of company stock worth $101,431,163 over the last 90 days. Insiders own 1.80% of the company's stock.

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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