Vestcor Inc Buys 59,560 Shares of Kellanova (NYSE:K)

Key Points

• Vestcor Inc increased its holdings in Kellanova by 26.5% during the first quarter, owning 284,370 shares valued at approximately $23.46 million.
• Major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares for about $9.14 million, reducing its ownership by 0.25%.
• Kellanova's recent quarterly earnings missed expectations, reporting $0.90 per share against a consensus estimate of $1.01, with revenues of $3.08 billion, down 3.7% year-over-year.

Vestcor Inc raised its stake in shares of Kellanova (NYSE:K - Free Report) by 26.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 284,370 shares of the company's stock after buying an additional 59,560 shares during the period. Kellanova makes up 0.8% of Vestcor Inc's portfolio, making the stock its 23rd biggest position. Vestcor Inc owned about 0.08% of Kellanova worth $23,458,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Grove Bank & Trust bought a new position in shares of Kellanova during the 1st quarter valued at about $25,000. MorganRosel Wealth Management LLC acquired a new position in shares of Kellanova in the first quarter worth about $27,000. Accredited Wealth Management LLC acquired a new position in shares of Kellanova in the fourth quarter worth about $36,000. Minot DeBlois Advisors LLC acquired a new position in shares of Kellanova in the fourth quarter worth about $42,000. Finally, EQ Wealth Advisors LLC acquired a new position in shares of Kellanova in the first quarter worth about $49,000. Institutional investors and hedge funds own 83.87% of the company's stock.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $79.92, for a total value of $9,157,473.36. Following the transaction, the insider owned 45,670,369 shares of the company's stock, valued at $3,649,975,890.48. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 1,374,996 shares of company stock valued at $110,891,136 over the last 90 days. Company insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target for the company in a report on Thursday, May 29th. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Fourteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $79.75.

Kellanova Stock Up 0.1%

NYSE K traded up $0.07 during trading on Friday, reaching $79.90. The company's stock had a trading volume of 2,574,836 shares, compared to its average volume of 2,658,658. The company has a current ratio of 0.68, a quick ratio of 0.52 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $27.72 billion, a PE ratio of 20.97, a PEG ratio of 4.26 and a beta of 0.27. The business has a 50-day moving average price of $80.29 and a 200-day moving average price of $81.58. Kellanova has a 1-year low of $61.47 and a 1-year high of $83.22.

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

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.58 dividend. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. Kellanova's dividend payout ratio (DPR) is currently 59.84%.

Kellanova 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.