State of New Jersey Common Pension Fund D Sells 9,570 Shares of Kellanova $K

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Kellanova by 9.8%, owning 88,339 shares worth approximately $7.3 million after selling 9,570 shares.
• Kellanova's quarterly earnings report showed $0.94 earnings per share, missing estimates by $0.05, with a year-over-year revenue increase of 0.3% to $3.20 billion.
• The company announced a dividend increase to $0.58 per share, up from $0.57, representing an annual yield of 2.9%.

State of New Jersey Common Pension Fund D lowered its stake in Kellanova (NYSE:K - Free Report) by 9.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,339 shares of the company's stock after selling 9,570 shares during the period. State of New Jersey Common Pension Fund D's holdings in Kellanova were worth $7,287,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of K. Grove Bank & Trust bought a new position in shares of Kellanova in the 1st quarter valued at $25,000. Financial Network Wealth Advisors LLC bought a new stake in Kellanova during the 1st quarter worth $25,000. MorganRosel Wealth Management LLC acquired a new position in Kellanova in the 1st quarter worth about $27,000. Accredited Wealth Management LLC bought a new position in Kellanova in the fourth quarter valued at about $36,000. Finally, Minot DeBlois Advisors LLC bought a new position in Kellanova in the fourth quarter valued at about $42,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $79.98, for a total transaction of $9,164,348.34. Following the transaction, the insider directly owned 45,212,037 shares in the company, valued at approximately $3,616,058,719.26. This trade represents a 0.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 1,260,413 shares of company stock worth $100,975,123 in the last ninety days. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

K has been the topic of several research reports. JPMorgan Chase & Co. began coverage on Kellanova in a report on Wednesday. They set a "neutral" rating and a $83.50 price target on the stock. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a report on Thursday, May 29th. Finally, Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Six research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $83.40.

Kellanova Stock Up 0.2%

Shares of K traded up $0.1250 during trading hours on Friday, reaching $80.1150. The stock had a trading volume of 1,293,388 shares, compared to its average volume of 2,937,870. 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 firm has a 50-day simple moving average of $79.70 and a 200 day simple moving average of $81.41. The company has a market capitalization of $27.85 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 4.96 and a beta of 0.27. Kellanova has a 12 month low of $77.70 and a 12 month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its 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). The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The company's revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. Equities research analysts predict that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is a boost from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. Kellanova's payout ratio is presently 59.84%.

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.