Wellington Management Group LLP Takes Position in Kellanova $K

Wellington Management Group LLP bought a new position in shares of Kellanova (NYSE:K - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,828 shares of the company's stock, valued at approximately $398,000.

Several other hedge funds also recently bought and sold shares of K. Pinnacle Associates Ltd. lifted its position 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 purchasing an additional 123 shares in the last quarter. Independent Advisor Alliance lifted its position 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 purchasing an additional 131 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position 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 purchasing an additional 132 shares in the last quarter. Legacy Advisors LLC lifted its position in shares of Kellanova by 7.1% during the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock worth $222,000 after purchasing an additional 179 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Kellanova Stock Performance

K traded up $0.48 during trading on Thursday, hitting $79.52. The stock had a trading volume of 5,741,475 shares, compared to its average volume of 2,948,068. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The firm has a market capitalization of $27.65 billion, a P/E ratio of 20.87, a PEG ratio of 4.95 and a beta of 0.27. The company's 50-day moving average price is $79.78 and its 200 day moving average price is $81.25. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share 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 company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same period last year, the company earned $1.01 earnings per share. The business's revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio is 59.84%.

Analysts Set New Price Targets

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

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 1,260,429 shares of company stock worth $100,650,980. 1.80% of the stock is owned by company insiders.

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.