Meeder Advisory Services Inc. Raises Stock Holdings in Kellanova (NYSE:K)

Key Points

• Meeder Advisory Services Inc. increased its stake in Kellanova by 140.7%, purchasing 7,784 additional shares, bringing its total holdings to 13,315 shares valued at $1,098,000.
• Kellanova recently increased its quarterly dividend to $0.58 per share, reflecting a boost from the previous dividend of $0.57, and providing a yield of 2.91%.
• In its latest earnings report, Kellanova's EPS of $0.90 fell short of analysts' consensus estimate of $1.01, with revenue down 3.7% year-over-year.

Meeder Advisory Services Inc. grew its stake in Kellanova (NYSE:K - Free Report) by 140.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,315 shares of the company's stock after purchasing an additional 7,784 shares during the period. Meeder Advisory Services Inc.'s holdings in Kellanova were worth $1,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Grove Bank & Trust bought a new position in Kellanova during the 1st quarter worth approximately $25,000. MorganRosel Wealth Management LLC bought a new position in Kellanova during the 1st quarter worth approximately $27,000. Accredited Wealth Management LLC bought a new position in Kellanova during the 4th quarter worth approximately $36,000. Minot DeBlois Advisors LLC bought a new position in Kellanova during the 4th quarter worth approximately $42,000. Finally, EQ Wealth Advisors LLC bought a new position in Kellanova during the 1st quarter worth approximately $49,000. 83.87% of the stock is owned by institutional investors.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $79.79, for a total value of $9,142,577.57. Following the sale, the insider directly owned 45,555,786 shares in the company, valued at approximately $3,634,896,164.94. The trade was a 0.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 1,374,996 shares of company stock worth $110,891,136. Insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a report on Thursday, May 29th. Wall Street Zen lowered shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Kellanova has a consensus rating of "Hold" and an average price target of $79.75.

Kellanova Stock Up 0.1%

K traded up $0.07 during mid-day trading on Friday, reaching $79.90. 2,574,836 shares of the stock were exchanged, compared to its average volume of 2,658,658. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.52 and a current ratio of 0.68. The stock has a market capitalization of $27.72 billion, a PE ratio of 20.97, a price-to-earnings-growth ratio of 4.26 and a beta of 0.27. The company has a 50 day moving average price of $80.24 and a two-hundred day moving average price of $81.57. Kellanova has a 1 year low of $61.47 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%. Kellanova's revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. As a group, research analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The firm 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis 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 presently 59.84%.

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.