New York State Common Retirement Fund Reduces Position in Kellanova (NYSE:K)

New York State Common Retirement Fund decreased its stake in Kellanova (NYSE:K - Free Report) by 10.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,357 shares of the company's stock after selling 21,200 shares during the period. New York State Common Retirement Fund owned approximately 0.05% of Kellanova worth $14,795,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new position in Kellanova in the 4th quarter valued at approximately $285,126,000. Franklin Resources Inc. grew its holdings in shares of Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock valued at $208,826,000 after acquiring an additional 2,313,047 shares in the last quarter. FIL Ltd boosted its holdings in shares of Kellanova by 182.3% during the fourth quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after acquiring an additional 1,542,000 shares during the period. Tudor Investment Corp ET AL boosted its stake in shares of Kellanova by 136.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock valued at $141,356,000 after buying an additional 1,006,100 shares during the period. Finally, TIG Advisors LLC raised 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 valued at $152,084,000 after purchasing an additional 813,901 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $79.68, for a total value of $9,129,973.44. Following the sale, the insider owned 45,899,535 shares in the company, valued at $3,657,274,948.80. The trade was a 0.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 1,374,996 shares of company stock valued at $111,466,342. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on K. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Kellanova currently has a consensus rating of "Hold" and a consensus price target of $79.75.

Kellanova Stock Up 0.3%

Shares of K opened at $79.99 on Friday. The company has a market capitalization of $27.75 billion, a PE ratio of 20.20, a PEG ratio of 4.24 and a beta of 0.28. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. The stock's 50-day moving average price is $80.76 and its two-hundred day moving average price is $81.67. Kellanova has a 12 month low of $56.37 and a 12 month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a net margin of 10.93% and a return on equity of 34.80%. The firm had revenue of $3.08 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same quarter in the previous year, the company posted $1.01 EPS. Kellanova's revenue for the quarter was down 3.7% on a year-over-year basis. On average, analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.85%. Kellanova's payout ratio is 57.58%.

About Kellanova

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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