OMERS ADMINISTRATION Corp Takes Position in Kellanova $K

Key Points

• OMERS ADMINISTRATION Corp has made a new investment in Kellanova by purchasing 10,447 shares worth approximately $862,000.
• Kellanova recently reported earnings of $0.94 EPS for the quarter, missing the consensus estimate of $0.99, while the company's revenue was slightly above expectations at $3.20 billion.
• The company also increased its quarterly dividend to $0.58 per share, marking a rise from its previous dividend of $0.57, with a yield of 2.9%.

OMERS ADMINISTRATION Corp purchased a new position in Kellanova (NYSE:K - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,447 shares of the company's stock, valued at approximately $862,000.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Kellanova by 0.8% in the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock worth $2,697,039,000 after buying an additional 259,604 shares in the last quarter. Keybank National Association OH raised its stake in Kellanova by 0.7% in the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after buying an additional 128,439 shares in the last quarter. Northern Trust Corp raised its stake in Kellanova by 3.0% in the first quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock worth $331,243,000 after buying an additional 117,650 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Kellanova by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock worth $215,479,000 after buying an additional 86,293 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Kellanova by 66.3% in the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock worth $199,049,000 after buying an additional 962,172 shares in the last quarter. 83.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on K. 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. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price target on the stock. Finally, Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $83.38.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the transaction, the insider directly owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 1,260,429 shares of company stock valued at $100,650,980 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Kellanova Stock Performance

K traded up $0.48 during trading on Thursday, hitting $79.52. The company's stock had a trading volume of 5,741,475 shares, compared to its average volume of 2,948,201. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. Kellanova has a one year low of $77.70 and a one year high of $83.22. The firm has a market cap of $27.65 billion, a PE ratio of 20.87, a P/E/G ratio of 4.95 and a beta of 0.27. The business's 50 day simple moving average is $79.78 and its 200-day simple moving average is $81.25.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the business posted $1.01 earnings per share. The firm's revenue was up .3% on a year-over-year basis. As a group, sell-side analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.58 dividend. The ex-dividend date is Tuesday, September 2nd. This is a boost from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. Kellanova's payout ratio is 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.