United Services Automobile Association Acquires New Holdings in Kellanova $K

Key Points

• United Services Automobile Association has acquired a new stake in Kellanova, purchasing 6,095 shares valued at approximately $503,000 during the first quarter.
• Kellanova has announced an increase in its quarterly dividend to $0.58 per share, with the payment scheduled for September 15th.
• The company reported earnings of $0.94 EPS for the last quarter, missing estimates slightly, although revenue was just above expectations at $3.20 billion.

United Services Automobile Association acquired a new stake in shares of Kellanova (NYSE:K - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,095 shares of the company's stock, valued at approximately $503,000.

Other institutional investors also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC purchased a new stake in shares of Kellanova during the fourth quarter worth about $223,000. Ethic Inc. increased its holdings in shares of Kellanova by 9.2% during the fourth quarter. Ethic Inc. now owns 16,320 shares of the company's stock valued at $1,321,000 after acquiring an additional 1,381 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in shares of Kellanova during the fourth quarter valued at about $42,000. NorthRock Partners LLC acquired a new position in shares of Kellanova during the fourth quarter valued at about $858,000. Finally, Nissay Asset Management Corp Japan ADV increased its holdings in shares of Kellanova by 1.8% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 33,854 shares of the company's stock valued at $2,748,000 after acquiring an additional 614 shares in the last quarter. Institutional investors own 83.87% of the company's stock.

Kellanova Trading Down 0.6%

Shares of NYSE:K opened at $79.02 on Thursday. Kellanova has a 52-week low of $77.70 and a 52-week high of $83.22. The stock has a market cap of $27.47 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 4.95 and a beta of 0.27. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The business has a 50-day moving average price of $79.78 and a 200-day moving average price of $81.15.

Kellanova (NYSE:K - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. The company's revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The business also recently declared 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 an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 2nd. Kellanova's dividend payout ratio (DPR) is 60.89%.

Analysts Set New Price Targets

K has been the topic of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a report on Wednesday, August 20th. They set a "neutral" rating and a $83.50 price objective on the stock. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Finally, Wall Street Zen downgraded shares of Kellanova from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $83.38.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the transaction, the insider directly owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 1,145,846 shares of company stock worth $91,267,778 in the last three months. 1.80% of the stock is currently owned by company insiders.

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.

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