KLP Kapitalforvaltning AS Grows Position in Kellanova $K

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Kellanova by 12.9% in Q2, now owning 193,718 shares valued at approximately $15.4 million.
• Kellanova reported Q2 earnings of $0.94 EPS, missing estimates by $0.05, but showing an increase in revenue to $3.20 billion.
• The company has increased its quarterly dividend from $0.57 to $0.58, representing an annualized yield of 2.8% with a payout ratio of 60.89%.

KLP Kapitalforvaltning AS lifted its holdings in shares of Kellanova (NYSE:K - Free Report) by 12.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 193,718 shares of the company's stock after purchasing an additional 22,200 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.06% of Kellanova worth $15,406,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in K. Merit Financial Group LLC lifted its stake in shares of Kellanova by 26.6% during the first quarter. Merit Financial Group LLC now owns 6,268 shares of the company's stock worth $517,000 after purchasing an additional 1,316 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Kellanova by 3.8% during the first quarter. UMB Bank n.a. now owns 5,284 shares of the company's stock valued at $436,000 after purchasing an additional 192 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Kellanova by 2.8% during the first quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock valued at $568,000 after purchasing an additional 186 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Kellanova during the first quarter worth approximately $3,793,000. Finally, CX Institutional lifted its position in Kellanova by 10.1% in the first quarter. CX Institutional now owns 6,063 shares of the company's stock worth $500,000 after purchasing an additional 557 shares during the period. Institutional investors and hedge funds own 83.87% of the company's stock.

Kellanova Trading Down 0.0%

K opened at $82.87 on Thursday. The stock has a market capitalization of $28.81 billion, a P/E ratio of 21.75, a P/E/G ratio of 5.16 and a beta of 0.24. Kellanova has a 12 month low of $76.48 and a 12 month high of $83.22. The firm's fifty day simple moving average is $79.83 and its 200 day simple moving average is $80.79. 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 (NYSE:K - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (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 analyst estimates of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. As a group, research analysts anticipate that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.58 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is presently 60.89%.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the sale, the insider owned 45,097,438 shares of the company's stock, valued at approximately $3,587,501,192.90. This represents a 0.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 687,514 shares of company stock valued at $54,869,342. Insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

K has been the subject of a number of recent research reports. JPMorgan Chase & Co. assumed coverage on Kellanova in a research report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective for the company. Weiss Ratings upgraded shares of Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday. Finally, Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a research note on Sunday, September 21st. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Kellanova has a consensus rating of "Hold" and a consensus target price of $83.38.

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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