PSquared Asset Management AG Invests $28.91 Million in Kellanova $K

Key Points

• PSquared Asset Management AG has acquired 350,403 shares of Kellanova, valued at approximately $28.9 million, making it the firm's third-largest position.
• Kellanova recently reported earnings of $0.94 per share, falling short of estimates, and achieved a revenue of $3.20 billion for the quarter.
• The company has increased its quarterly dividend from $0.57 to $0.58, resulting in an annualized dividend yield of 2.9%.

PSquared Asset Management AG bought a new stake in Kellanova (NYSE:K - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 350,403 shares of the company's stock, valued at approximately $28,905,000. Kellanova comprises approximately 21.6% of PSquared Asset Management AG's portfolio, making the stock its 3rd largest holding. PSquared Asset Management AG owned 0.10% of Kellanova at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of K. Grove Bank & Trust bought a new stake in shares of Kellanova during the first quarter worth $25,000. Financial Network Wealth Advisors LLC bought a new stake in Kellanova during the 1st quarter worth about $25,000. MorganRosel Wealth Management LLC acquired a new stake in Kellanova in the 1st quarter valued at about $27,000. Accredited Wealth Management LLC bought a new position in shares of Kellanova in the fourth quarter worth about $36,000. Finally, Minot DeBlois Advisors LLC bought a new stake in shares of Kellanova during the fourth quarter valued at approximately $42,000. 83.87% of the stock is currently owned by institutional investors.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $79.98, for a total value of $9,164,348.34. Following the transaction, the insider owned 45,212,037 shares of the company's stock, valued at $3,616,058,719.26. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 1,145,830 shares of company stock worth $91,534,630. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on K. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a research report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 target price on the stock. Finally, Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Kellanova presently has a consensus rating of "Hold" and a consensus target price of $83.38.

Kellanova Stock Down 0.4%

NYSE:K traded down $0.31 during trading hours on Thursday, reaching $79.46. The company had a trading volume of 3,613,719 shares, compared to its average volume of 2,924,695. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The firm has a market cap of $27.62 billion, a price-to-earnings ratio of 20.85, a P/E/G ratio of 4.97 and a beta of 0.27. The business's 50-day simple moving average is $79.71 and its two-hundred day simple moving average is $81.35.

Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion during 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 quarter in the prior year, the business earned $1.01 EPS. On average, equities analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. Kellanova's payout ratio is currently 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.