Northern Trust Corp Grows Stake in Kellanova $K

Key Points

• Northern Trust Corp has increased its stake in Kellanova by 3.0%, owning approximately 4,015,549 shares worth $331,243,000 after purchasing an additional 117,650 shares in the first quarter.
• Kellanova has announced a quarterly dividend of $0.58, which represents a 2.9% dividend yield and is an increase from its previous quarterly dividend of $0.57.
• Analysts have set a target price of $83.50 for Kellanova, with major firms like JPMorgan Chase & Co. and Citigroup issuing a "neutral" rating on the stock.

Northern Trust Corp boosted its position in Kellanova (NYSE:K - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,015,549 shares of the company's stock after purchasing an additional 117,650 shares during the period. Northern Trust Corp owned approximately 1.16% of Kellanova worth $331,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Grove Bank & Trust bought a new stake in Kellanova in the first quarter worth about $25,000. Financial Network Wealth Advisors LLC bought a new stake in Kellanova in the first quarter worth about $25,000. MorganRosel Wealth Management LLC bought a new stake in Kellanova in the first quarter worth about $27,000. Accredited Wealth Management LLC bought a new stake in Kellanova in the fourth quarter worth about $36,000. Finally, Minot DeBlois Advisors LLC bought a new stake in Kellanova in the fourth quarter worth about $42,000. Institutional investors own 83.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on K. JPMorgan Chase & Co. began coverage on shares of Kellanova in a research note on Wednesday. They set a "neutral" rating and a $83.50 price target for the company. Wall Street Zen downgraded 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 price target 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.com, the stock presently has an average rating of "Hold" and a consensus target price of $83.40.

Kellanova Trading Up 0.2%

Shares of Kellanova stock traded up $0.1250 on Friday, hitting $80.1150. 2,223,125 shares of the company traded hands, compared to its average volume of 2,078,380. The company has a market cap of $27.85 billion, a PE ratio of 21.03, a PEG ratio of 4.97 and a beta of 0.27. The stock's 50 day moving average price is $79.70 and its 200-day moving average price is $81.40. 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 has a 52 week low of $77.70 and a 52 week high of $83.22.

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

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 59.84%.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $79.98, for a total transaction of $9,164,348.34. Following the transaction, the insider directly owned 45,212,037 shares of the company's stock, valued at $3,616,058,719.26. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 1,260,413 shares of company stock worth $100,975,123 over the last 90 days. Company 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.