Kellanova $K Shares Acquired by National Pension Service

Key Points

• The National Pension Service increased its ownership in Kellanova by 7.0%, acquiring an additional 31,957 shares, bringing its total to 489,427 shares, valued at approximately $40.4 million.
• Kellanova recently declared a quarterly dividend of $0.58 per share, slightly up from the previous $0.57, reflecting an annualized dividend of $2.32 and a yield of 2.9%.
• Wall Street analysts maintain a "Hold" rating on Kellanova, with an average price target of $83.38, indicating a cautious outlook on the stock's performance.

National Pension Service grew its holdings in Kellanova (NYSE:K - Free Report) by 7.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 489,427 shares of the company's stock after buying an additional 31,957 shares during the period. National Pension Service owned 0.14% of Kellanova worth $40,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of K. Tudor Investment Corp ET AL increased its position in Kellanova by 136.0% during the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after purchasing an additional 1,006,100 shares during the last quarter. JPMorgan Chase & Co. increased its position in Kellanova by 66.3% during the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock worth $199,049,000 after purchasing an additional 962,172 shares during the last quarter. TIG Advisors LLC increased its position in Kellanova by 76.5% during the fourth quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after purchasing an additional 813,901 shares during the last quarter. Bank of America Corp DE increased its position in Kellanova by 43.1% during the fourth quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock worth $182,659,000 after purchasing an additional 679,754 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in Kellanova by 107.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock worth $102,187,000 after purchasing an additional 653,504 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

K has been the subject of several research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a research note on Wednesday. They set a "neutral" rating and a $83.50 target price for the company. Wall Street Zen lowered shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Finally, Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. Six investment analysts have rated the stock with a Hold rating, According to MarketBeat, Kellanova presently has an average rating of "Hold" and a consensus target price of $83.40.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction 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 completion of the transaction, the insider owned 45,326,620 shares of the company's stock, valued at $3,629,302,463.40. The trade was a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 1,145,830 shares of company stock worth $91,810,775. 1.80% of the stock is currently owned by insiders.

Kellanova Stock Down 0.0%

NYSE:K traded down $0.0350 during mid-day trading on Thursday, hitting $80.0050. The stock had a trading volume of 520,788 shares, compared to its average volume of 2,938,475. The stock has a 50-day simple moving average of $79.70 and a two-hundred day simple moving average of $81.42. The company has a market capitalization of $27.82 billion, a PE ratio of 21.00, a PEG ratio of 4.96 and a beta of 0.27. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. 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 released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion for the quarter, compared to analyst estimates 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 in the previous year, the business posted $1.01 EPS. On average, equities research analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. Kellanova's payout ratio is presently 59.84%.

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.