Edgestream Partners L.P. Increases Stock Holdings in Kellanova (NYSE:K)

Edgestream Partners L.P. grew its stake in Kellanova (NYSE:K) by 23.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 22,751 shares of the company’s stock after buying an additional 4,280 shares during the quarter. Edgestream Partners L.P.’s holdings in Kellanova were worth $1,303,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bfsg LLC boosted its stake in shares of Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after buying an additional 200 shares during the period. BNP Paribas purchased a new position in shares of Kellanova in the 1st quarter valued at about $30,000. Motco boosted its stake in shares of Kellanova by 757.6% in the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the period. Blue Trust Inc. boosted its stake in shares of Kellanova by 55.1% in the 4th quarter. Blue Trust Inc. now owns 580 shares of the company’s stock valued at $34,000 after buying an additional 206 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Kellanova by 139.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the transaction, the insider now owns 51,686,638 shares of the company’s stock, valued at $3,220,594,413.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total transaction of $4,847,718.00. Following the transaction, the insider now owns 51,686,638 shares of the company’s stock, valued at $3,220,594,413.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the transaction, the senior vice president now directly owns 26,191 shares in the company, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 865,600 shares of company stock valued at $50,897,082. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

K has been the subject of several recent research reports. TD Cowen lifted their price objective on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. boosted their target price on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. DA Davidson boosted their target price on Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Barclays decreased their target price on Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Bank of America decreased their target price on Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Twelve investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $61.62.

Kellanova Stock Performance

K traded down $0.80 during trading on Tuesday, hitting $56.81. 187,770 shares of the stock were exchanged, compared to its average volume of 2,789,111. The firm has a market capitalization of $19.42 billion, a P/E ratio of 21.58, a PEG ratio of 2.06 and a beta of 0.35. Kellanova has a 1-year low of $47.63 and a 1-year high of $68.23. The stock has a fifty day moving average price of $58.85 and a two-hundred day moving average price of $57.08. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. The company 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 firm’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 earnings per share. As a group, sell-side analysts predict that Kellanova will post 3.62 earnings per share for the current year.

Kellanova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Monday, June 3rd were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date was Monday, June 3rd. Kellanova’s payout ratio is currently 83.90%.

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.