Mizuho Securities USA LLC Decreases Stock Position in Kellanova (NYSE:K)

Key Points

• Mizuho Securities USA LLC has decreased its stake in Kellanova by 15.5%, owning 21,528 shares worth approximately $1.78 million after selling 3,954 shares in the first quarter.
• Kellanova plans to increase its quarterly dividend to $0.58 per share, with a total annualized dividend of $2.32 and a yield of 2.9%.
• The stock is currently rated as "Hold" by analysts with a consensus price target of $81.80, reflecting mixed investment sentiments.

Mizuho Securities USA LLC cut its position in shares of Kellanova (NYSE:K - Free Report) by 15.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,528 shares of the company's stock after selling 3,954 shares during the period. Mizuho Securities USA LLC's holdings in Kellanova were worth $1,776,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Kellanova by 0.8% in the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock valued at $2,697,039,000 after buying an additional 259,604 shares during the last quarter. Keybank National Association OH raised its stake in Kellanova by 0.7% in the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock valued at $1,626,579,000 after buying an additional 128,439 shares during the last quarter. Pentwater Capital Management LP raised its stake in Kellanova by 8.5% in the fourth quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock valued at $465,982,000 after buying an additional 450,700 shares during the last quarter. Northern Trust Corp raised its stake in Kellanova by 15.7% in the fourth 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Kellanova by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock valued at $215,479,000 after buying an additional 86,293 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Six investment 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 $83.38.

Kellanova Stock Performance

Shares of K stock traded up $0.11 during mid-day trading on Friday, reaching $80.19. The stock had a trading volume of 1,978,321 shares, compared to its average volume of 2,265,651. The business's fifty day moving average is $79.80 and its 200-day moving average is $81.46. 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 firm has a market cap of $27.88 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 4.96 and a beta of 0.27. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%. The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter in the previous year, the company earned $1.01 EPS. The firm's quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts forecast that Kellanova will post 3.93 earnings per share for the current 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 paid a $0.58 dividend. This is an increase 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 dividend payout ratio is presently 59.84%.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $80.07, for a total transaction of $9,174,660.81. Following the transaction, the insider owned 45,326,620 shares in the company, valued at approximately $3,629,302,463.40. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 1,260,413 shares of company stock valued at $101,234,081 in the last quarter. 1.80% of the stock is owned by corporate insiders.

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.