PNC Financial Services Group Inc. Acquires 3,422 Shares of Kellanova (NYSE:K)

PNC Financial Services Group Inc. raised its holdings in shares of Kellanova (NYSE:K - Free Report) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,623 shares of the company's stock after acquiring an additional 3,422 shares during the period. PNC Financial Services Group Inc.'s holdings in Kellanova were worth $6,486,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Financial Counselors Inc. purchased a new stake in Kellanova in the first quarter worth $522,000. IFM Investors Pty Ltd raised its holdings in Kellanova by 11.6% in the first quarter. IFM Investors Pty Ltd now owns 57,241 shares of the company's stock worth $4,620,000 after purchasing an additional 5,957 shares in the last quarter. Retirement Guys Formula LLC bought a new position in Kellanova in the first quarter worth $934,000. Syquant Capital Sas raised its holdings in Kellanova by 39.9% in the first quarter. Syquant Capital Sas now owns 511,400 shares of the company's stock worth $42,185,000 after purchasing an additional 145,900 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Kellanova by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,596 shares of the company's stock worth $2,771,000 after purchasing an additional 3,747 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on K. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a report on Thursday, May 29th. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Twelve analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $81.80.

Kellanova Price Performance

NYSE K opened at $79.84 on Thursday. Kellanova has a one year low of $72.27 and a one year high of $83.22. The stock has a 50-day moving average of $80.09 and a 200 day moving average of $81.54. The company has a market capitalization of $27.76 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 4.95 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 EPS 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. Kellanova's quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The company 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 $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 59.84%.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $79.79, for a total value of $9,142,577.57. Following the transaction, the insider directly owned 45,555,786 shares of the company's stock, valued at approximately $3,634,896,164.94. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 1,260,413 shares of company stock valued at $101,431,163 over the last 90 days. Company insiders own 1.80% of the company's stock.

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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