Hudson Bay Capital Management LP Buys 350,000 Shares of Kellanova (NYSE:K)

Hudson Bay Capital Management LP raised its holdings in Kellanova (NYSE:K - Free Report) by 53.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,000,000 shares of the company's stock after purchasing an additional 350,000 shares during the quarter. Kellanova makes up about 0.3% of Hudson Bay Capital Management LP's investment portfolio, making the stock its 20th largest position. Hudson Bay Capital Management LP owned approximately 0.29% of Kellanova worth $80,970,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Stonebridge Financial Group LLC acquired a new stake in shares of Kellanova during the fourth quarter worth $27,000. BankPlus Trust Department bought a new stake in shares of Kellanova in the fourth quarter valued at about $28,000. Rialto Wealth Management LLC bought a new stake in shares of Kellanova in the fourth quarter valued at about $32,000. Flagship Wealth Advisors LLC bought a new stake in shares of Kellanova in the fourth quarter valued at about $32,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Kellanova by 64.8% in the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company's stock valued at $36,000 after purchasing an additional 173 shares in the last quarter. Institutional investors own 83.87% of the company's stock.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $82.25, for a total value of $9,424,451.75. Following the completion of the transaction, the insider now directly owns 48,076,612 shares of the company's stock, valued at approximately $3,954,301,337. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 1,374,996 shares of company stock worth $113,211,441. Insiders own 1.80% of the company's stock.

Kellanova Stock Performance

NYSE:K traded down $0.31 on Wednesday, hitting $81.80. The company's stock had a trading volume of 4,200,076 shares, compared to its average volume of 2,698,166. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average of $82.39 and a two-hundred day moving average of $81.72. The firm has a market capitalization of $28.38 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 4.21 and a beta of 0.30. Kellanova has a one year low of $55.96 and a one year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) 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 company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the company earned $1.01 EPS. The company's quarterly revenue was down 3.7% compared to the same quarter last year. Research analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The company also recently declared 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 2.79%. Kellanova's payout ratio is 57.58%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on K. Royal Bank of Canada lowered Kellanova from a "moderate buy" rating to a "hold" rating in a report on Friday, March 14th. StockNews.com lowered Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Thirteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus 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.