Kellanova $K Shares Bought by Vident Advisory LLC

Key Points

• Vident Advisory LLC increased its stake in Kellanova by 186.2%, acquiring 5,199 additional shares, bringing its total to nearly 8,000 shares worth $659,000.
• Kellanova has recently raised its quarterly dividend to $0.58 per share, effective September 15, increasing its annualized dividend to $2.32 and yielding 2.9%.
• The company's stock has experienced a modest increase of 0.5%, with current trading around $79.86 and analysts projecting an earnings per share estimate of 3.93 for the current year.

Vident Advisory LLC raised its holdings in shares of Kellanova (NYSE:K - Free Report) by 186.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,991 shares of the company's stock after buying an additional 5,199 shares during the quarter. Vident Advisory LLC's holdings in Kellanova were worth $659,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Pinnacle Associates Ltd. grew its holdings in shares of Kellanova by 2.0% during the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after buying an additional 123 shares in the last quarter. Independent Advisor Alliance grew its holdings in shares of Kellanova by 1.8% during the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company's stock worth $605,000 after buying an additional 131 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Kellanova by 1.3% during the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock worth $860,000 after buying an additional 132 shares in the last quarter. Legacy Advisors LLC grew its holdings in shares of Kellanova by 7.1% in the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after purchasing an additional 179 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Kellanova by 6.0% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock worth $271,000 after purchasing an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company'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 transaction, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 1,145,846 shares of company stock worth $91,267,778. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a report on Thursday, May 29th. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 price target for the company. Finally, Wall Street Zen cut shares of Kellanova from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $83.38.

Kellanova Trading Up 0.2%

Shares of NYSE:K traded up $0.13 during trading on Tuesday, reaching $79.49. 2,421,635 shares of the stock were exchanged, compared to its average volume of 2,942,784. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. Kellanova has a 12-month low of $77.70 and a 12-month high of $83.22. The firm has a market cap of $27.63 billion, a price-to-earnings ratio of 20.86, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. The firm's 50-day moving average price is $79.81 and its 200 day moving average price is $81.17.

Kellanova (NYSE:K - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The firm's revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is presently 60.89%.

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.