Kellanova (NYSE:K) Stake Boosted by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Kellanova by 27.5% during the first quarter, owning a total of 101,231 shares valued at $8,351,000 after acquiring an additional 21,830 shares.
• Kellanova recently declared a quarterly dividend of $0.58 per share, representing an increase from its previous dividend and resulting in a dividend yield of 2.91%.
• Kellanova reported $0.90 earnings per share (EPS) for the last quarter, missing analysts' expectations with a revenue of $3.08 billion, which was also below projections.

Skandinaviska Enskilda Banken AB publ boosted its holdings in Kellanova (NYSE:K - Free Report) by 27.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,231 shares of the company's stock after purchasing an additional 21,830 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Kellanova were worth $8,351,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Teacher Retirement System of Texas bought a new stake in Kellanova in the fourth quarter valued at $209,000. LPL Financial LLC lifted its stake in Kellanova by 0.8% in the fourth quarter. LPL Financial LLC now owns 106,325 shares of the company's stock valued at $8,609,000 after buying an additional 842 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Kellanova by 3.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 434,182 shares of the company's stock valued at $35,260,000 after buying an additional 14,136 shares during the last quarter. UniSuper Management Pty Ltd lifted its stake in Kellanova by 23.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 31,250 shares of the company's stock valued at $2,530,000 after buying an additional 5,852 shares during the last quarter. Finally, NEOS Investment Management LLC lifted its stake in Kellanova by 28.5% in the fourth quarter. NEOS Investment Management LLC now owns 11,183 shares of the company's stock valued at $905,000 after buying an additional 2,483 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Wall Street Analyst Weigh In

K has been the topic of a number of recent research reports. Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a research note on Thursday, May 29th. Fourteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $79.75.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $79.92, for a total value of $9,157,473.36. Following the transaction, the insider owned 45,670,369 shares of the company's stock, valued at approximately $3,649,975,890.48. This trade represents a 0.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 1,374,996 shares of company stock valued at $111,198,218 in the last quarter. 1.80% of the stock is currently owned by insiders.

Kellanova Price Performance

Kellanova stock traded down $0.00 during midday trading on Friday, hitting $79.86. The company's stock had a trading volume of 2,069,555 shares, compared to its average volume of 2,786,684. The company has a quick ratio of 0.52, a current ratio of 0.80 and a debt-to-equity ratio of 1.25. The stock's 50-day moving average price is $80.48 and its 200-day moving average price is $81.62. Kellanova has a 12 month low of $56.62 and a 12 month high of $83.22. The company has a market capitalization of $27.71 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 4.25 and a beta of 0.28.

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

Kellanova Increases Dividend

The firm also recently declared 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. This is a boost from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.91%. Kellanova's payout ratio is 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.