1832 Asset Management L.P. Has $1.96 Million Stock Holdings in Kellanova (NYSE:K)

1832 Asset Management L.P. lessened its stake in shares of Kellanova (NYSE:K) by 3.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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.

Several other large investors have also recently added to or reduced their stakes in K. Norges Bank bought a new position in Kellanova during the 4th quarter worth approximately $150,184,000. Vanguard Group Inc. lifted its position in Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after acquiring an additional 1,130,582 shares in the last quarter. Anchor Capital Advisors LLC acquired a new position in Kellanova in the 4th quarter worth $38,939,000. Beutel Goodman & Co Ltd. increased its holdings in Kellanova by 15.5% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after purchasing an additional 655,686 shares in the last quarter. Finally, Clearbridge Investments LLC acquired a new stake in shares of Kellanova in the 4th quarter valued at about $35,372,000. 83.87% of the stock is owned by institutional investors.

Kellanova Stock Performance

K stock traded up $0.19 during mid-day trading on Friday, hitting $57.47. The company had a trading volume of 1,805,259 shares, compared to its average volume of 1,663,620. The stock’s fifty day moving average price is $58.46 and its two-hundred day moving average price is $57.09. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.41 and a current ratio of 0.62. Kellanova has a 12 month low of $47.63 and a 12 month high of $67.81. The firm has a market cap of $19.65 billion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. The company had revenue of $3.20 billion during 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 firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 EPS. On average, analysts forecast that Kellanova will post 3.61 earnings per share for the current fiscal year.

Kellanova Increases Dividend

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

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the 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 transaction, the insider now owns 50,986,438 shares of the company’s stock, valued at approximately $2,940,387,879.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, 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 sale, the senior vice president now owns 26,191 shares in the company, valued at $1,572,769.55. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $57.67, for a total value of $4,486,726.00. Following the transaction, the insider now directly owns 50,986,438 shares in the company, valued at $2,940,387,879.46. The disclosure for this sale can be found here. Insiders sold 865,600 shares of company stock worth $50,897,082 in the last quarter. 1.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

K has been the topic of several research reports. Barclays cut their target price on Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. TD Cowen upped their price target on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. DA Davidson raised their price objective 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. Deutsche Bank Aktiengesellschaft decreased their target price on Kellanova from $62.00 to $60.00 and set a “hold” rating on the stock in a research report on Tuesday, July 23rd. Finally, Bank of America dropped their price target on Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Thirteen analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Kellanova presently has a consensus rating of “Hold” and an average target price of $61.50.

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.