Strategy Asset Managers LLC Invests $628,000 in Kellanova (NYSE:K)

Key Points

• Strategy Asset Managers LLC has invested $628,000 in Kellanova, acquiring 7,609 shares of its stock in the first quarter.
• Kellanova increased its quarterly dividend from $0.57 to $0.58 per share, resulting in an annualized yield of 2.9% and a payout ratio of 59.84%.
• The company reported a quarterly EPS of $0.94, missing analysts' expectations by $0.05, while revenue was slightly up at $3.20 billion compared to the previous year's quarter.

Strategy Asset Managers LLC purchased a new position in shares of Kellanova (NYSE:K - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,609 shares of the company's stock, valued at approximately $628,000.

A number of other hedge funds also recently modified their holdings of K. Vanguard Group Inc. raised its stake in Kellanova by 0.8% during the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock worth $2,697,039,000 after buying an additional 259,604 shares during the last quarter. Keybank National Association OH raised its stake in Kellanova by 0.7% during the first 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 last quarter. Pentwater Capital Management LP raised its stake in Kellanova by 8.5% during the fourth quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock worth $465,982,000 after buying an additional 450,700 shares during the last quarter. Invesco Ltd. raised its stake in Kellanova by 2.7% during the fourth quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock worth $337,489,000 after buying an additional 111,396 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Kellanova by 15.7% during the fourth quarter. Northern Trust Corp now owns 3,897,899 shares of the company's stock worth $315,613,000 after buying an additional 530,132 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $79.79, for a total transaction of $9,142,577.57. Following the transaction, the insider directly owned 45,555,786 shares in the company, valued at approximately $3,634,896,164.94. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,260,413 shares of company stock worth $101,431,163 over the last ninety days. Insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on K. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. Wall Street Zen downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Twelve research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $81.80.

Kellanova Stock Down 0.0%

Shares of NYSE:K traded down $0.02 during midday trading on Friday, hitting $80.07. 1,818,893 shares of the company's stock were exchanged, compared to its average volume of 2,569,472. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The stock has a 50 day moving average price of $79.99 and a 200-day moving average price of $81.51. The company has a market cap of $27.84 billion, a PE ratio of 21.01, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. Kellanova has a 12 month low of $72.92 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 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.05). The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $1.01 earnings per share. On average, sell-side analysts anticipate that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This is an increase 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%.

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.