TIG Advisors LLC Acquires 110,879 Shares of Kellanova $K

Key Points

• TIG Advisors LLC increased its stake in Kellanova by 5.9%, owning approximately 1,989,154 shares, making it their second-largest holding.
• Kellanova recently declared a quarterly dividend of $0.58, marking an increase from the previous dividend of $0.57, with a current dividend yield of 2.9%.
• Several analysts have recently updated their ratings for Kellanova, with Citigroup upgrading it to a "neutral" rating and setting a price target of $83.50.

TIG Advisors LLC lifted its position in shares of Kellanova (NYSE:K - Free Report) by 5.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,989,154 shares of the company's stock after purchasing an additional 110,879 shares during the quarter. Kellanova accounts for approximately 10.3% of TIG Advisors LLC's portfolio, making the stock its 2nd largest holding. TIG Advisors LLC owned 0.57% of Kellanova worth $164,085,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in K. Vanguard Group Inc. grew its stake in Kellanova by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company's stock valued at $2,697,039,000 after acquiring an additional 259,604 shares during the period. Keybank National Association OH raised its holdings in shares of Kellanova by 0.7% during the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after acquiring an additional 128,439 shares during the period. Northern Trust Corp raised its holdings in Kellanova by 3.0% in the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company's stock valued at $331,243,000 after buying an additional 117,650 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Kellanova by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company's stock valued at $215,479,000 after buying an additional 86,293 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Kellanova by 66.3% in the 1st quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company's stock valued at $199,049,000 after acquiring an additional 962,172 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company's stock.

Insiders Place Their Bets

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 value of $9,116,350.45. Following the completion of the sale, the insider owned 45,097,438 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Insiders sold a total of 1,260,429 shares of company stock valued at $100,650,980 in the last three months. 1.80% of the stock is currently owned by insiders.

Kellanova Stock Up 0.6%

Shares of Kellanova stock traded up $0.48 on Thursday, reaching $79.52. 5,741,475 shares of the company were exchanged, compared to its average volume of 2,948,201. Kellanova has a 1-year low of $77.70 and a 1-year high of $83.22. The company has a market cap of $27.65 billion, a P/E ratio of 20.87, a price-to-earnings-growth 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. The stock's 50 day moving average price is $79.78 and its 200-day moving average price is $81.25.

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 the consensus estimate of $0.99 by ($0.05). The business had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.Kellanova's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 EPS. As a group, equities analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. Kellanova's dividend payout ratio (DPR) is presently 59.84%.

Analyst Ratings Changes

K has been the subject of several research reports. Wall Street Zen downgraded Kellanova from a "hold" rating to a "sell" rating in a research report on Saturday, August 30th. JPMorgan Chase & Co. initiated coverage on Kellanova in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price for the company. Finally, Citigroup raised Kellanova to a "neutral" rating and set a $83.50 target price for the company in a research report on Thursday, May 29th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Kellanova has an average rating of "Hold" and an average price target of $83.38.

Kellanova Company 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.