Resona Asset Management Co. Ltd. Buys 21,727 Shares of Kellanova (NYSE:K)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Kellanova by 14.6%, acquiring an additional 21,727 shares during the first quarter, bringing their total to 170,151 shares worth approximately $14 million.
• Despite recent growth in institutional investments, insider activity included the Kellogg W. K. Foundation Trust selling 114,583 shares at $79.79 each, representing a decrease in their holdings.
• Kellanova is set to increase its quarterly dividend from $0.57 to $0.58, which translates to an annualized payout of $2.32 and a yield of 2.9%.

Resona Asset Management Co. Ltd. raised its holdings in Kellanova (NYSE:K - Free Report) by 14.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 170,151 shares of the company's stock after purchasing an additional 21,727 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Kellanova were worth $14,035,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of K. Grove Bank & Trust purchased a new position in shares of Kellanova during the first quarter valued at approximately $25,000. MorganRosel Wealth Management LLC acquired a new position in Kellanova during the first quarter worth approximately $27,000. Accredited Wealth Management LLC acquired a new position in Kellanova during the fourth quarter worth approximately $36,000. Minot DeBlois Advisors LLC purchased a new position in shares of Kellanova in the 4th quarter valued at $42,000. Finally, EQ Wealth Advisors LLC purchased a new position in shares of Kellanova in the 1st quarter valued at $49,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Kellanova Price Performance

Shares of K stock traded up $0.11 during midday trading on Friday, reaching $80.19. 1,978,321 shares of the company were exchanged, compared to its average volume of 2,265,651. Kellanova has a 12 month low of $77.70 and a 12 month high of $83.22. The company has a market cap of $27.88 billion, a P/E ratio of 21.05, a PEG ratio of 4.97 and a beta of 0.27. The company's 50 day moving average price is $79.80 and its two-hundred day moving average price is $81.45. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%. The business's revenue was up .3% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. On average, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.58 dividend. This is a boost from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova's payout ratio is 60.89%.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $80.07, for a total value of $9,174,660.81. Following the completion of the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 1,260,413 shares of company stock valued at $101,234,081 in the last ninety days. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

About Kellanova

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.