Slotnik Capital LLC Boosts Stake in Kellanova $K

Key Points

• Slotnik Capital LLC increased its stake in Kellanova by 8.4%, owning approximately 471,000 shares, which represents about 18.8% of its total holdings.
• In the first quarter, other significant investors like Pentwater Capital and JPMorgan Chase & Co. also boosted their stakes in Kellanova, highlighting increased institutional interest in the stock.
• Kellanova reported a quarterly earnings miss with an EPS of $0.94, falling short of estimates, and plans to pay a quarterly dividend of $0.58 per share, up from the previous $0.57.

Slotnik Capital LLC grew its stake in Kellanova (NYSE:K - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 471,000 shares of the company's stock after purchasing an additional 36,400 shares during the period. Kellanova makes up approximately 18.8% of Slotnik Capital LLC's holdings, making the stock its 2nd largest holding. Slotnik Capital LLC owned approximately 0.14% of Kellanova worth $38,853,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Pentwater Capital Management LP boosted its stake in shares of Kellanova by 39.0% in the 1st quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company's stock valued at $659,920,000 after purchasing an additional 2,245,000 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Kellanova by 66.3% during the first 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 last quarter. Sona Asset Management US LLC increased its holdings in shares of Kellanova by 427.9% during the fourth quarter. Sona Asset Management US LLC now owns 698,073 shares of the company's stock worth $56,523,000 after buying an additional 565,839 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Kellanova by 8,377.9% in the first quarter. GAMMA Investing LLC now owns 568,274 shares of the company's stock valued at $46,877,000 after acquiring an additional 561,571 shares during the last quarter. Finally, Alpine Associates Management Inc. raised its stake in shares of Kellanova by 89.0% in the first quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company's stock valued at $95,536,000 after acquiring an additional 545,300 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Kellanova Stock Down 0.5%

K stock opened at $79.44 on Tuesday. The company has a market cap of $27.62 billion, a price-to-earnings ratio of 20.85, a P/E/G ratio of 4.97 and a beta of 0.27. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22. The business has a 50 day moving average price of $79.81 and a two-hundred day moving average price of $81.17. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.05). The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 EPS. Analysts anticipate that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.58 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares of the company's stock, valued at $3,587,501,192.90. 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 is available through this hyperlink. Over the last quarter, insiders have sold 1,145,846 shares of company stock valued at $91,267,778. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on K. JPMorgan Chase & Co. began coverage on Kellanova in a report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price target for the company. Wall Street Zen lowered Kellanova from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Finally, Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price target for the company in a report on Thursday, May 29th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price 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.

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