Korea Investment CORP Purchases 52,993 Shares of Kellanova $K

Key Points

• Korea Investment CORP has increased its holdings in Kellanova by 33.2%, acquiring an additional 52,993 shares to total 212,689 shares, valued at approximately $17.5 million.
• Kellanova reported earnings per share of $0.94 for the last quarter, falling short of the consensus estimate of $0.99, while revenue was slightly above expectations at $3.2 billion.
• The company announced a quarterly dividend increase to $0.58 per share, reflecting positive growth and a yield of 2.9%.

Korea Investment CORP raised its stake in shares of Kellanova (NYSE:K - Free Report) by 33.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 212,689 shares of the company's stock after acquiring an additional 52,993 shares during the quarter. Korea Investment CORP owned approximately 0.06% of Kellanova worth $17,545,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in K. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Kellanova in the fourth quarter valued at about $857,000. MetLife Investment Management LLC raised its holdings in shares of Kellanova by 2.0% in the fourth quarter. MetLife Investment Management LLC now owns 71,041 shares of the company's stock valued at $5,752,000 after buying an additional 1,392 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Kellanova by 15.6% in the fourth quarter. Hsbc Holdings PLC now owns 929,951 shares of the company's stock valued at $75,248,000 after buying an additional 125,600 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Kellanova by 107.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock valued at $102,187,000 after buying an additional 653,504 shares during the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Kellanova by 1.1% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 109,756 shares of the company's stock valued at $8,887,000 after buying an additional 1,225 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

K has been the subject of a number of research reports. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a research report on Thursday, May 29th. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. initiated coverage on Kellanova in a research report on Wednesday. They issued a "neutral" rating and a $83.50 price objective for the company. Six equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $83.40.

Kellanova Trading Up 0.2%

Shares of Kellanova stock traded up $0.1250 during trading on Friday, hitting $80.1150. 2,223,125 shares of the company were exchanged, compared to its average volume of 2,078,380. The firm has a market capitalization of $27.85 billion, a P/E ratio of 21.03, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22. The firm's fifty day moving average price is $79.70 and its 200 day moving average price is $81.39. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45.

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 the consensus estimate 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 for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Kellanova's quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is 59.84%.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $79.98, for a total transaction of $9,164,348.34. Following the transaction, the insider owned 45,212,037 shares in the company, valued at $3,616,058,719.26. The trade was a 0.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 1,260,413 shares of company stock worth $100,975,123. Insiders own 1.80% of the company's stock.

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.