1832 Asset Management L.P. Cuts Position in Kellanova (NYSE:K)

1832 Asset Management L.P. decreased its holdings in Kellanova (NYSE:K) by 3.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,149 shares of the company’s stock after selling 1,189 shares during the quarter. 1832 Asset Management L.P.’s holdings in Kellanova were worth $1,956,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Kellanova during the 4th quarter worth approximately $150,184,000. Vanguard Group Inc. raised its position in Kellanova by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock worth $1,797,525,000 after acquiring an additional 1,130,582 shares during the period. Anchor Capital Advisors LLC purchased a new position in Kellanova during the fourth quarter valued at $38,939,000. Beutel Goodman & Co Ltd. grew its position in shares of Kellanova by 15.5% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock valued at $273,504,000 after purchasing an additional 655,686 shares during the period. Finally, Clearbridge Investments LLC purchased a new position in Kellanova in the 4th quarter valued at about $35,372,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on K. Bank of America reduced their target price on Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. increased their price objective on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. TD Cowen lifted their target price on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Kellanova from $62.00 to $60.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Finally, DA Davidson boosted their price target on shares of Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Thirteen analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $61.50.

Kellanova Trading Up 0.3 %

Shares of NYSE:K traded up $0.19 during mid-day trading on Friday, reaching $57.47. 1,805,259 shares of the company were exchanged, compared to its average volume of 1,663,620. Kellanova has a 1 year low of $47.63 and a 1 year high of $67.81. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41. The firm’s 50-day simple moving average is $58.46 and its 200 day simple moving average is $57.09. The firm has a market cap of $19.65 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 2.09 and a beta of 0.34.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The company’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 earnings per share. Equities research analysts forecast that Kellanova will post 3.61 EPS for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.97%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 83.90%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $57.67, for a total transaction of $4,486,726.00. Following the completion of the transaction, the insider now owns 50,986,438 shares in the company, valued at $2,940,387,879.46. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $57.67, for a total transaction of $4,486,726.00. Following the completion of the sale, the insider now owns 50,986,438 shares in the company, valued at $2,940,387,879.46. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $60.05, for a total transaction of $588,490.00. Following the completion of the transaction, the senior vice president now owns 26,191 shares in the company, valued at $1,572,769.55. The disclosure for this sale can be found here. Insiders sold 865,600 shares of company stock worth $50,897,082 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

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.