QRG Capital Management Inc. Reduces Stock Position in Kellanova (NYSE:K)

QRG Capital Management Inc. lessened its stake in Kellanova (NYSE:K - Free Report) by 72.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,483 shares of the company's stock after selling 6,579 shares during the quarter. QRG Capital Management Inc.'s holdings in Kellanova were worth $205,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in K. Vanguard Group Inc. increased its stake in Kellanova by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company's stock worth $2,626,322,000 after acquiring an additional 281,137 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Kellanova by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company's stock worth $556,014,000 after purchasing an additional 158,560 shares during the last quarter. Pentwater Capital Management LP raised its holdings in Kellanova by 8.5% in the 4th quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock valued at $465,982,000 after buying an additional 450,700 shares during the period. Invesco Ltd. raised its holdings in Kellanova by 2.7% in the 4th quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock valued at $337,489,000 after buying an additional 111,396 shares during the period. Finally, Northern Trust Corp lifted its position in Kellanova by 15.7% in the fourth quarter. Northern Trust Corp now owns 3,897,899 shares of the company's stock valued at $315,613,000 after buying an additional 530,132 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on K. Royal Bank Of Canada downgraded Kellanova from a "moderate buy" rating to a "hold" rating in a report on Friday, March 14th. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Finally, Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a research report on Thursday, May 29th. Fourteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $79.75.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $82.03, for a total value of $9,399,243.49. Following the sale, the insider now owns 47,274,531 shares of the company's stock, valued at $3,877,929,777.93. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 1,374,996 shares of company stock valued at $112,416,235 over the last three months. Company insiders own 1.80% of the company's stock.

Kellanova Price Performance

NYSE K opened at $78.55 on Wednesday. The stock has a 50-day simple moving average of $81.80 and a 200 day simple moving average of $81.82. The stock has a market capitalization of $27.25 billion, a PE ratio of 19.84, a P/E/G ratio of 4.12 and a beta of 0.30. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. Kellanova has a twelve month low of $55.96 and a twelve month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.11). The business had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 10.93% and a return on equity of 34.80%. Kellanova's revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Research analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.90%. Kellanova's payout ratio is presently 57.58%.

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.

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