Vivaldi Capital Management LP Takes Position in Kellanova (NYSE:K)

Vivaldi Capital Management LP acquired a new position in Kellanova (NYSE:K - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 36,396 shares of the company's stock, valued at approximately $2,982,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Kellanova by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company's stock worth $2,626,322,000 after purchasing an additional 281,137 shares during the period. Geode Capital Management LLC boosted its holdings in Kellanova by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company's stock worth $556,014,000 after buying an additional 158,560 shares during the period. Pentwater Capital Management LP boosted its holdings in Kellanova by 8.5% in the 4th quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock worth $465,982,000 after buying an additional 450,700 shares during the period. Invesco Ltd. grew its stake in Kellanova by 2.7% in the 4th quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock valued at $337,489,000 after buying an additional 111,396 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Kellanova by 15.7% during the 4th quarter. Northern Trust Corp now owns 3,897,899 shares of the company's stock valued at $315,613,000 after acquiring an additional 530,132 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Price Performance

Shares of NYSE:K traded down $0.01 on Thursday, hitting $82.12. The company's stock had a trading volume of 2,122,272 shares, compared to its average volume of 2,754,779. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. The company has a 50-day simple moving average of $82.37 and a 200 day simple moving average of $81.78. The company has a market capitalization of $28.49 billion, a PE ratio of 21.22, a PEG ratio of 4.21 and a beta of 0.30. Kellanova has a 1 year low of $55.96 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.01 by ($0.11). Kellanova had a return on equity of 37.25% and a net margin of 10.53%. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the previous year, the firm earned $1.01 EPS. The business's quarterly revenue was down 3.7% compared to the same quarter last year. Sell-side analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Monday, June 2nd will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.78%. Kellanova's dividend payout ratio (DPR) is presently 57.58%.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $82.70, for a total transaction of $9,476,014.10. Following the completion of the transaction, the insider now owns 47,847,446 shares of the company's stock, valued at $3,956,983,784.20. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 1,374,996 shares of company stock worth $113,210,296 in the last ninety days. 1.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on K. Royal Bank of Canada cut Kellanova from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 14th. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Thirteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $79.41.

About Kellanova

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.