Leo Wealth LLC Has $340,000 Position in Kellanova $K

Key Points

• Leo Wealth LLC significantly reduced its position in Kellanova by79.0%, owning only 4,274 shares after selling 16,105 shares during the second quarter, representing a value of $340,000.
• Major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova for over $9 million, reducing its stake by 0.25%.
• Kellanova's recent earnings report showed a missed EPS estimate of $0.94, compared to the expected $0.99, while revenues were slightly above consensus at $3.20 billion.

Leo Wealth LLC lowered its position in Kellanova (NYSE:K - Free Report) by 79.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,274 shares of the company's stock after selling 16,105 shares during the period. Leo Wealth LLC's holdings in Kellanova were worth $340,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. increased its holdings in Kellanova by 2.0% in the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after buying an additional 123 shares during the last quarter. Independent Advisor Alliance increased its holdings in Kellanova by 1.8% in the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock worth $605,000 after buying an additional 131 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Kellanova by 1.3% in the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after buying an additional 132 shares during the last quarter. Cigna Investments Inc. New increased its holdings in Kellanova by 5.3% in the second quarter. Cigna Investments Inc. New now owns 2,797 shares of the company's stock worth $222,000 after buying an additional 141 shares during the last quarter. Finally, Legacy Advisors LLC grew its holdings in Kellanova by 7.1% during the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after purchasing an additional 179 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Insider Activity

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

Analyst Ratings Changes

Several equities analysts have commented on K shares. Weiss Ratings upgraded Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday. JPMorgan Chase & Co. started coverage on Kellanova in a report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price target on the stock. Finally, Wall Street Zen downgraded Kellanova from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Kellanova presently has a consensus rating of "Hold" and a consensus target price of $83.38.

Kellanova Stock Performance

NYSE:K opened at $82.85 on Friday. The firm's 50-day moving average is $79.95 and its 200-day moving average is $80.80. Kellanova has a 52-week low of $76.48 and a 52-week high of $83.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The company has a market cap of $28.80 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 5.16 and a beta of 0.24.

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 the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the business earned $1.01 earnings per share. Equities research analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

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

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.

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