Kentucky Retirement Systems Has $1.51 Million Stock Position in Kellanova (NYSE:K)

Kentucky Retirement Systems cut its position in shares of Kellanova (NYSE:K) by 5.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,690 shares of the company’s stock after selling 1,148 shares during the quarter. Kentucky Retirement Systems’ holdings in Kellanova were worth $1,508,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in K. Empirical Finance LLC grew its holdings in shares of Kellanova by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 8,891 shares of the company’s stock valued at $718,000 after acquiring an additional 175 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Kellanova by 7.0% in the 3rd quarter. CIBC Asset Management Inc now owns 47,901 shares of the company’s stock worth $3,866,000 after purchasing an additional 3,149 shares during the last quarter. Impax Asset Management Group plc bought a new stake in shares of Kellanova during the 3rd quarter worth $4,991,000. ING Groep NV boosted its holdings in Kellanova by 22.3% during the third quarter. ING Groep NV now owns 107,100 shares of the company’s stock valued at $8,644,000 after acquiring an additional 19,540 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. grew its holdings in Kellanova by 1,079.4% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 120,842 shares of the company’s stock valued at $9,753,000 after buying an additional 110,596 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

Shares of K opened at $80.60 on Tuesday. Kellanova has a 12 month low of $51.02 and a 12 month high of $81.34. The stock has a market capitalization of $27.78 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 2.59 and a beta of 0.39. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The firm has a fifty day simple moving average of $80.72 and a 200 day simple moving average of $70.15.

Kellanova (NYSE:K) last announced its earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. Kellanova’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 EPS. Research analysts forecast that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Monday, December 2nd. Kellanova’s dividend payout ratio is 78.35%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $80.62, for a total value of $6,272,236.00. Following the transaction, the insider now directly owns 50,597,438 shares of the company’s stock, valued at $4,079,165,451.56. This trade represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 1,072,264 shares of company stock valued at $86,452,375 over the last 90 days. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on K shares. The Goldman Sachs Group initiated coverage on shares of Kellanova in a report on Monday, August 12th. They set a “neutral” rating and a $75.00 price objective on the stock. Barclays upped their price objective on shares of Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. DA Davidson lowered Kellanova from a “buy” rating to a “neutral” rating and raised their target price for the company from $80.00 to $83.50 in a research note on Monday, August 26th. Stifel Nicolaus upped their price objective on Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a report on Monday, August 12th. Finally, Piper Sandler raised their target price on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Fifteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $76.35.

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.