Kellanova $K Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC sold 4,797 shares of Kellanova, reducing its position in the company by 20.6%, bringing its total holdings to 18,541 shares worth approximately $1.53 million.
• Kellanova's quarterly earnings report showed an EPS of $0.94, missing expectations, while the company will increase its dividend to $0.58 per share effective September 15th, representing an annualized yield of 2.9%.
• Institutional investors currently own 83.87% of Kellanova's stock, with recent transactions showing mixed moves among other hedge funds, including increases and decreases in holdings.

Rafferty Asset Management LLC cut its stake in Kellanova (NYSE:K - Free Report) by 20.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,541 shares of the company's stock after selling 4,797 shares during the quarter. Rafferty Asset Management LLC's holdings in Kellanova were worth $1,529,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Kellanova by 0.8% in the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock worth $2,697,039,000 after acquiring an additional 259,604 shares during the period. Keybank National Association OH raised its stake in shares of Kellanova by 0.7% during the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after buying an additional 128,439 shares during the period. Northern Trust Corp raised its stake in shares of Kellanova by 3.0% during the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock worth $331,243,000 after buying an additional 117,650 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Kellanova by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock worth $215,479,000 after buying an additional 86,293 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Kellanova by 66.3% during the 1st quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock worth $199,049,000 after buying an additional 962,172 shares during the period. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. 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 price objective for the company. Wall Street Zen downgraded shares of Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. Finally, Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price for the company in a report on Thursday, May 29th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Kellanova currently has a consensus rating of "Hold" and an average price target of $83.38.

Kellanova Trading Up 0.6%

K stock traded up $0.48 during midday trading on Thursday, hitting $79.52. 5,741,475 shares of the company's stock were exchanged, compared to its average volume of 2,948,201. The business has a 50-day simple moving average of $79.78 and a two-hundred day simple moving average of $81.25. 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 capitalization of $27.65 billion, a PE ratio of 20.87, a P/E/G ratio of 4.95 and a beta of 0.27. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly 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). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company 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. Kellanova's revenue was up .3% on a year-over-year basis. On average, sell-side analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.32 annualized dividend and a yield of 2.9%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is presently 59.84%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 1,260,429 shares of company stock valued at $100,650,980. Insiders own 1.80% of the company's stock.

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.