The Manufacturers Life Insurance Company Reduces Position in Kellanova (NYSE:K)

The Manufacturers Life Insurance Company cut its holdings in shares of Kellanova (NYSE:K - Free Report) by 22.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 165,004 shares of the company's stock after selling 47,343 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Kellanova were worth $13,360,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Kellanova by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company's stock worth $2,626,322,000 after acquiring an additional 281,137 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Kellanova by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company's stock valued at $556,014,000 after purchasing an additional 158,560 shares during the period. Invesco Ltd. lifted its stake in shares of Kellanova by 2.7% during the 4th quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock valued at $337,489,000 after buying an additional 111,396 shares in the last quarter. Norges Bank bought a new position in Kellanova in the 4th quarter worth approximately $285,126,000. Finally, Franklin Resources Inc. grew its stake in Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock valued at $208,826,000 after buying an additional 2,313,047 shares in the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

K has been the subject of a number of analyst reports. StockNews.com lowered Kellanova from a "buy" rating to a "hold" rating in a report on Friday. Royal Bank of Canada downgraded shares of Kellanova from a "moderate buy" rating to a "hold" rating in a report on Friday, March 14th. Thirteen research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $79.41.

Kellanova Trading Down 0.1 %

K stock traded down $0.07 on Tuesday, reaching $82.54. The company's stock had a trading volume of 2,602,585 shares, compared to its average volume of 2,687,184. The firm has a market cap of $28.49 billion, a PE ratio of 21.33, a PEG ratio of 4.21 and a beta of 0.30. The business has a fifty day simple moving average of $82.40 and a two-hundred day simple moving average of $81.67. Kellanova has a 12-month low of $55.96 and a 12-month high of $83.22. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. Kellanova's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.01 EPS. As a group, research analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 2.76%. Kellanova's payout ratio is 57.58%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $82.25, for a total transaction of $9,424,451.75. Following the transaction, the insider now directly owns 48,076,612 shares of the company's stock, valued at $3,954,301,337. This represents a 0.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 1,260,413 shares of company stock valued at $103,801,886. 1.80% of the stock is owned by insiders.

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.