Kellanova (NYSE:K) Shares Bought by OLD Republic International Corp

OLD Republic International Corp grew its position in shares of Kellanova (NYSE:K - Free Report) by 0.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 541,500 shares of the company's stock after purchasing an additional 4,000 shares during the quarter. Kellanova makes up about 1.7% of OLD Republic International Corp's investment portfolio, making the stock its 28th largest position. OLD Republic International Corp owned 0.16% of Kellanova worth $44,668,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Kellanova during the 4th quarter worth approximately $285,126,000. Franklin Resources Inc. lifted its holdings in Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock worth $208,826,000 after buying an additional 2,313,047 shares during the period. FIL Ltd lifted its holdings in Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after buying an additional 1,542,000 shares during the period. Tudor Investment Corp ET AL lifted its holdings in Kellanova by 136.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after buying an additional 1,006,100 shares during the period. Finally, TIG Advisors LLC lifted its stake in shares of Kellanova by 76.5% in the 4th 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 during the period. 83.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Royal Bank Of Canada cut Kellanova from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 14th. Finally, Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. Fourteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $79.75.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $79.37, for a total transaction of $9,094,452.71. Following the completion of the transaction, the insider directly owned 46,014,118 shares in the company, valued at approximately $3,652,140,545.66. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 1,374,996 shares of company stock valued at $111,795,196 in the last three months. Company insiders own 1.80% of the company's stock.

Kellanova Trading Down 0.1%

Kellanova stock traded down $0.07 during mid-day trading on Wednesday, hitting $79.29. The company's stock had a trading volume of 1,461,148 shares, compared to its average volume of 2,998,189. The company has a 50 day moving average of $81.18 and a 200-day moving average of $81.74. The stock has a market cap of $27.51 billion, a PE ratio of 20.02, a P/E/G ratio of 4.22 and a beta of 0.28. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. Kellanova has a one year low of $55.96 and a one year high of $83.22.

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

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Monday, June 2nd were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.88%. Kellanova's payout ratio is 57.58%.

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.