Kovitz Investment Group Partners LLC Acquires Shares of 4,477 Kellanova (NYSE:K)

Kovitz Investment Group Partners LLC bought a new position in Kellanova (NYSE:K - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,477 shares of the company's stock, valued at approximately $363,000.

Several other institutional investors and hedge funds have also made changes to their positions in K. Norges Bank purchased a new position in Kellanova during the fourth quarter valued at approximately $285,126,000. Franklin Resources Inc. increased its stake in Kellanova by 869.5% during the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock valued at $208,826,000 after purchasing an additional 2,313,047 shares in the last quarter. FIL Ltd lifted its stake in shares of Kellanova by 182.3% during the fourth quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after buying an additional 1,542,000 shares during the period. Barclays PLC raised its stake in Kellanova by 134.7% in the 3rd quarter. Barclays PLC now owns 1,800,363 shares of the company's stock worth $145,309,000 after acquiring an additional 1,033,383 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in Kellanova by 107.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock valued at $102,187,000 after purchasing an additional 653,504 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors.

Kellanova Trading Up 0.1 %

Shares of K traded up $0.05 during midday trading on Wednesday, reaching $82.59. The company had a trading volume of 1,520,577 shares, compared to its average volume of 2,682,986. The firm has a 50 day simple moving average of $82.40 and a 200-day simple moving average of $81.68. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. The stock has a market cap of $28.51 billion, a PE ratio of 21.33, a price-to-earnings-growth 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 announced 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 firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the business earned $1.01 EPS. The firm's quarterly revenue was down 3.7% on a year-over-year basis. Research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Monday, June 2nd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.76%. Kellanova's dividend payout ratio is currently 57.58%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, April 28th. The stock was sold at an average price of $82.47, for a total value of $9,449,660.01. Following the completion of the transaction, the insider now directly owns 46,930,782 shares in the company, valued at approximately $3,870,381,591.54. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 1,260,413 shares of company stock worth $103,801,886. Insiders own 1.80% of the company's stock.

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.