VCI Wealth Management LLC lessened its holdings in shares of Kellanova (NYSE:K - Free Report) by 55.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,065 shares of the company's stock after selling 8,704 shares during the quarter. VCI Wealth Management LLC's holdings in Kellanova were worth $583,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in K. Norges Bank bought a new position in shares of Kellanova in the fourth quarter worth about $285,126,000. Franklin Resources Inc. increased its stake in Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock worth $208,826,000 after acquiring an additional 2,313,047 shares during the last quarter. FIL Ltd increased its stake in Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after acquiring an additional 1,542,000 shares during the last quarter. Tudor Investment Corp ET AL increased its stake in Kellanova by 136.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after acquiring an additional 1,006,100 shares during the last quarter. Finally, TIG Advisors LLC increased its stake in Kellanova by 76.5% in the 4th quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after acquiring an additional 813,901 shares during the last quarter. Institutional investors own 83.87% of the company's stock.
Wall Street Analyst Weigh In
K has been the subject of several research reports. Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup upgraded Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Fourteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $79.75.
Check Out Our Latest Stock Report on K
Kellanova Stock Performance
Shares of NYSE:K traded up $0.28 during trading on Tuesday, hitting $80.05. The company's stock had a trading volume of 3,230,149 shares, compared to its average volume of 3,048,673. The company has a 50-day moving average of $80.70 and a 200-day moving average of $81.68. The firm has a market cap of $27.77 billion, a price-to-earnings ratio of 20.22, a P/E/G ratio of 4.24 and a beta of 0.28. Kellanova has a 12 month low of $56.37 and a 12 month high of $83.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.80 and a quick ratio of 0.52.
Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.90 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 the consensus estimate of $3.16 billion. Kellanova had a net margin of 10.93% and a return on equity of 34.80%. The firm's revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 earnings per share. On average, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current year.
Kellanova Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Monday, June 2nd were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.85%. Kellanova's dividend payout ratio (DPR) is 57.58%.
Insider Transactions at Kellanova
In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $82.56, for a total transaction of $9,459,972.48. Following the completion of the transaction, the insider directly owned 46,816,199 shares of the company's stock, valued at $3,865,145,389.44. This represents a 0.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 1,374,996 shares of company stock valued at $111,198,218 over the last three months. Insiders own 1.80% of the company's stock.
Kellanova Profile
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Free Report)
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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