Tabor Asset Management LP Takes $8.80 Million Position in Kellanova (NYSE:K)

Tabor Asset Management LP bought a new stake in Kellanova (NYSE:K - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 106,708 shares of the company's stock, valued at approximately $8,802,000. Kellanova accounts for about 2.3% of Tabor Asset Management LP's portfolio, making the stock its 4th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in Kellanova during the 4th quarter worth about $285,126,000. Franklin Resources Inc. boosted its holdings in shares of Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock valued at $208,826,000 after buying an additional 2,313,047 shares in the last quarter. FIL Ltd boosted its holdings in shares of Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock valued at $193,356,000 after buying an additional 1,542,000 shares in the last quarter. Tudor Investment Corp ET AL boosted its holdings in shares of Kellanova by 136.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock valued at $141,356,000 after buying an additional 1,006,100 shares in the last quarter. Finally, TIG Advisors LLC boosted its holdings in shares of Kellanova by 76.5% in the 4th quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock valued at $152,084,000 after buying an additional 813,901 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $79.54, for a total transaction of $9,113,931.82. Following the completion of the transaction, the insider directly owned 45,784,952 shares in the company, valued at $3,641,735,082.08. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 1,374,996 shares of company stock worth $111,466,342. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on K. 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. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Fourteen analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $79.75.

Kellanova Trading Up 0.1%

K traded up $0.08 during midday trading on Friday, hitting $80.06. The company's stock had a trading volume of 527,300 shares, compared to its average volume of 3,026,557. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. The firm has a market cap of $27.77 billion, a P/E ratio of 20.22, a PEG ratio of 4.24 and a beta of 0.28. The firm has a 50-day moving average price of $80.76 and a two-hundred day moving average price of $81.67. Kellanova has a 52-week low of $56.37 and a 52-week high of $83.22.

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

Kellanova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Monday, June 2nd were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.85%. Kellanova's dividend payout ratio is currently 57.58%.

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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