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

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

Other institutional investors have also made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in shares of Kellanova during the fourth quarter worth $27,000. BankPlus Trust Department acquired a new stake in Kellanova during the 4th quarter worth $28,000. Rialto Wealth Management LLC bought a new position in Kellanova during the fourth quarter worth about $32,000. Flagship Wealth Advisors LLC acquired a new position in Kellanova in the fourth quarter valued at about $32,000. Finally, First Horizon Advisors Inc. increased 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 worth $36,000 after acquiring an additional 173 shares in the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $82.70, for a total value of $9,476,014.10. Following the transaction, the insider now owns 47,847,446 shares in the company, valued at approximately $3,956,983,784.20. This represents a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,260,413 shares of company stock valued at $103,786,990 over the last 90 days. 1.80% of the stock is currently owned by insiders.

Kellanova Stock Down 0.0%

K stock traded down $0.02 during midday trading on Friday, hitting $82.12. The company's stock had a trading volume of 1,155,804 shares, compared to its average volume of 2,714,277. The company's fifty day moving average price is $82.37 and its 200 day moving average price is $81.74. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. Kellanova has a twelve month low of $55.96 and a twelve month high of $83.22. The stock has a market capitalization of $28.49 billion, a P/E ratio of 21.22, a PEG ratio of 4.21 and a beta of 0.30.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.11). The company had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. The company's quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 EPS. As a group, equities research analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on K. StockNews.com cut Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Royal Bank of Canada lowered shares of Kellanova from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 14th. Thirteen investment 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 company has an average rating of "Hold" and an average price target of $79.41.

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.