ProShare Advisors LLC Increases Stake in Kellanova (NYSE:K)

ProShare Advisors LLC grew its holdings in shares of Kellanova (NYSE:K - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,861 shares of the company's stock after acquiring an additional 4,464 shares during the period. ProShare Advisors LLC's holdings in Kellanova were worth $3,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new position in shares of Kellanova in the fourth quarter valued at about $27,000. BankPlus Trust Department purchased a new stake in Kellanova during the 4th quarter valued at approximately $28,000. Rialto Wealth Management LLC bought a new stake in shares of Kellanova during the fourth quarter valued at approximately $32,000. Flagship Wealth Advisors LLC bought a new stake in shares of Kellanova during the fourth quarter valued at approximately $32,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Kellanova by 64.8% in the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company's stock worth $36,000 after buying an additional 173 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Price Performance

NYSE:K opened at $82.40 on Tuesday. The firm has a market capitalization of $28.59 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 4.21 and a beta of 0.30. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. The business has a 50 day simple moving average of $82.37 and a 200-day simple moving average of $81.77. Kellanova has a 1 year low of $55.96 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued 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 company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. The firm's quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 earnings per share. Equities analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.77%. Kellanova's dividend payout ratio is presently 57.58%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on K. Royal Bank of Canada cut shares of Kellanova from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 14th. StockNews.com cut Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Thirteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Kellanova has a consensus rating of "Hold" and a consensus target price of $79.41.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $82.70, for a total value of $9,476,014.10. Following the transaction, the insider now directly owns 47,847,446 shares in the company, valued at $3,956,983,784.20. This represents a 0.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have sold 1,260,413 shares of company stock worth $103,786,990. 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.

Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellanova (NYSE:K - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.