Strs Ohio Purchases Shares of 26,746 Kellanova $K

Key Points

• Strs Ohio has acquired a new position in Kellanova by purchasing 26,746 shares, valued at approximately $2.2 million, during the first quarter.
• Kellanova recently increased its quarterly dividend to $0.58 per share, which reflects an annualized rate of $2.32 and a dividend yield of 2.9%.
• According to analysts, Kellanova’s stock has an average rating of "Hold" with a target price of $83.38, indicating a cautious outlook for future performance.

Strs Ohio bought a new position in shares of Kellanova (NYSE:K - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 26,746 shares of the company's stock, valued at approximately $2,206,000.

Other large investors also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its holdings in Kellanova by 37.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,953 shares of the company's stock valued at $161,000 after buying an additional 534 shares during the period. Bluefin Capital Management LLC bought a new stake in Kellanova in the first quarter valued at approximately $412,000. Integrity Alliance LLC. bought a new stake in Kellanova in the first quarter valued at approximately $240,000. Bayforest Capital Ltd bought a new stake in shares of Kellanova during the first quarter worth $189,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Kellanova by 11.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,953,288 shares of the company's stock worth $243,617,000 after acquiring an additional 292,063 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on K. Wall Street Zen raised shares of Kellanova from a "sell" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research note on Wednesday, August 20th. They set a "neutral" rating and a $83.50 target price for the company. Finally, Citigroup upgraded 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. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $83.38.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the sale, the insider directly owned 45,097,438 shares of the company's stock, valued at $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 1,031,263 shares of company stock valued at $82,079,367 in the last three months. 1.80% of the stock is currently owned by company insiders.

Kellanova Stock Performance

Shares of K stock opened at $79.07 on Tuesday. The firm has a 50-day moving average of $79.75 and a 200-day moving average of $81.05. The company has a market cap of $27.49 billion, a P/E ratio of 20.75, a P/E/G ratio of 4.95 and a beta of 0.27. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. Kellanova has a one year low of $77.70 and a one year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly 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 company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. Kellanova's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 EPS. Equities research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

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

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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