Public Employees Retirement System of Ohio Has $6.86 Million Stock Holdings in Kellanova $K

Key Points

• The Public Employees Retirement System of Ohio increased its holdings in Kellanova by 6.8% during the second quarter, owning approximately $6.86 million worth of shares.
• Kellanova announced a quarterly dividend of $0.58 per share, increasing from the previous dividend of $0.57, reflecting a 3.0% yield and a payout ratio of 60.89%.
• Kellanova's latest earnings report indicated a missed EPS estimate of $0.94 compared to the expected $0.99, despite reporting a slight year-over-year revenue increase of 0.3%.

Public Employees Retirement System of Ohio grew its stake in shares of Kellanova (NYSE:K - Free Report) by 6.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 86,258 shares of the company's stock after acquiring an additional 5,524 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Kellanova were worth $6,860,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of K. Grove Bank & Trust acquired a new stake in Kellanova during the first quarter worth about $25,000. Financial Network Wealth Advisors LLC bought a new stake in shares of Kellanova during the 1st quarter worth approximately $25,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Kellanova during the 1st quarter worth approximately $27,000. EQ Wealth Advisors LLC bought a new position in Kellanova in the first quarter valued at approximately $49,000. Finally, Dagco Inc. acquired a new position in Kellanova during the first quarter valued at approximately $49,000. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Performance

Kellanova stock opened at $77.97 on Monday. The business has a 50 day moving average of $79.41 and a 200-day moving average of $80.76. The company has a market capitalization of $27.11 billion, a P/E ratio of 20.46, a P/E/G ratio of 4.85 and a beta of 0.27. Kellanova has a 1 year low of $76.48 and a 1 year high of $83.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45.

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). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the business earned $1.01 earnings per share. The firm's quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $2.32 annualized dividend and a yield of 3.0%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is 60.89%.

Analyst Upgrades and Downgrades

K has been the topic of a number of research analyst reports. JPMorgan Chase & Co. began coverage on Kellanova in a report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price on the stock. Wall Street Zen downgraded Kellanova from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, Kellanova presently has a consensus rating of "Hold" and a consensus target price of $83.38.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the sale, the insider owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 802,097 shares of company stock worth $63,999,316. 1.80% of the stock is currently owned by insiders.

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.

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