Kellanova (NYSE:K) Shares Sold by Prudential PLC

Key Points

• Prudential PLC has reduced its holdings in Kellanova by 8.1%, now owning approximately $6.60 million worth of shares after selling 7,045 shares in the first quarter.
• Kellanova recently announced a quarterly dividend increase to $0.58 per share, bringing its annualized dividend yield to 2.9%.
• The company's latest earnings report showed a missed consensus estimate with earnings per share of $0.94, compared to the expected $0.99, while quarterly revenue rose 0.3% year-over-year.

Prudential PLC trimmed its stake in shares of Kellanova (NYSE:K - Free Report) by 8.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,023 shares of the company's stock after selling 7,045 shares during the quarter. Prudential PLC's holdings in Kellanova were worth $6,601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. grew its holdings in Kellanova by 14.6% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 170,151 shares of the company's stock valued at $14,035,000 after buying an additional 21,727 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Kellanova by 8.8% during the first quarter. Public Sector Pension Investment Board now owns 35,532 shares of the company's stock worth $2,931,000 after purchasing an additional 2,868 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in Kellanova in the first quarter valued at $73,000. Independent Advisor Alliance boosted its holdings in Kellanova by 1.8% in the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock valued at $605,000 after acquiring an additional 131 shares during the last quarter. Finally, Entropy Technologies LP boosted its holdings in Kellanova by 22.6% in the first quarter. Entropy Technologies LP now owns 8,037 shares of the company's stock valued at $663,000 after acquiring an additional 1,480 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on K shares. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Kellanova presently has a consensus rating of "Hold" and an average target price of $83.38.

Kellanova Stock Up 0.1%

Kellanova stock traded up $0.11 during midday trading on Friday, hitting $80.19. The stock had a trading volume of 1,978,321 shares, compared to its average volume of 2,265,651. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The stock has a market cap of $27.88 billion, a P/E ratio of 21.05, a P/E/G ratio of 4.97 and a beta of 0.27. Kellanova has a 12 month low of $77.70 and a 12 month high of $83.22. The business has a fifty day moving average price of $79.80 and a 200 day moving average price of $81.45.

Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.05). The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the company posted $1.01 earnings per share. 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. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. Kellanova's payout ratio is currently 60.89%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $80.07, for a total transaction of $9,174,660.81. Following the completion of the transaction, the insider directly owned 45,326,620 shares in the company, valued at approximately $3,629,302,463.40. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 1,260,413 shares of company stock worth $101,234,081 in the last three months. 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.