California Public Employees Retirement System Raises Holdings in Kellanova (NYSE:K)

California Public Employees Retirement System grew its holdings in shares of Kellanova (NYSE:K - Free Report) by 0.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,617,857 shares of the company's stock after buying an additional 13,771 shares during the period. California Public Employees Retirement System owned approximately 0.47% of Kellanova worth $90,454,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Invesco Ltd. lifted its holdings in shares of Kellanova by 29.4% in the 3rd quarter. Invesco Ltd. now owns 4,990,266 shares of the company's stock worth $296,971,000 after purchasing an additional 1,132,485 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Kellanova by 27.4% in the 3rd quarter. Van ECK Associates Corp now owns 4,890,952 shares of the company's stock worth $291,061,000 after purchasing an additional 1,051,922 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in Kellanova by 738.6% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 420,781 shares of the company's stock valued at $23,522,000 after buying an additional 370,607 shares during the last quarter. Deutsche Bank AG raised its position in Kellanova by 27.4% in the 3rd quarter. Deutsche Bank AG now owns 1,607,621 shares of the company's stock valued at $95,670,000 after buying an additional 345,830 shares during the last quarter. Finally, Northern Trust Corp raised its position in Kellanova by 8.7% in the 3rd quarter. Northern Trust Corp now owns 4,116,944 shares of the company's stock valued at $244,999,000 after buying an additional 328,658 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors.

Kellanova Price Performance

Shares of K traded down $0.30 during trading hours on Thursday, reaching $58.45. 1,974,962 shares of the company's stock traded hands, compared to its average volume of 3,083,133. The firm's 50 day simple moving average is $55.92 and its 200-day simple moving average is $54.22. The stock has a market cap of $19.98 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 2.23 and a beta of 0.40. Kellanova has a 12 month low of $47.63 and a 12 month high of $72.30. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, February 8th. The company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.07 billion. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. Kellanova's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. Equities analysts expect that Kellanova will post 3.57 EPS for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.56 dividend. The ex-dividend date was Thursday, February 29th. This represents a $2.24 dividend on an annualized basis and a yield of 3.83%. Kellanova's dividend payout ratio (DPR) is currently 81.45%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.68, for a total value of $4,254,104.00. Following the transaction, the insider now directly owns 52,775,838 shares of the company's stock, valued at approximately $2,885,782,821.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 933,600 shares of company stock valued at $51,632,748 in the last ninety days. Company insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

K has been the subject of several research analyst reports. StockNews.com lowered Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, February 9th. Barclays raised their target price on Kellanova from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Monday, February 12th. DA Davidson initiated coverage on Kellanova in a research report on Friday, March 1st. They set a "buy" rating and a $67.00 target price for the company. Piper Sandler raised their target price on Kellanova from $59.00 to $60.00 and gave the company a "neutral" rating in a research report on Monday, February 12th. Finally, Citigroup began coverage on Kellanova in a research report on Thursday, February 1st. They set a "neutral" rating and a $57.00 target price for the company. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Kellanova presently has an average rating of "Hold" and an average price target of $62.27.

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.