Kentucky Retirement Systems Decreases Position in Kellanova (NYSE:K)

Kentucky Retirement Systems cut its position in Kellanova (NYSE:K) by 5.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 20,029 shares of the company’s stock after selling 1,073 shares during the period. Kentucky Retirement Systems’ holdings in Kellanova were worth $1,147,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Intech Investment Management LLC raised its holdings in Kellanova by 10.1% in the fourth quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock worth $14,754,000 after buying an additional 24,124 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Kellanova during the fourth quarter valued at approximately $8,178,000. International Assets Investment Management LLC raised its holdings in shares of Kellanova by 133.4% during the fourth quarter. International Assets Investment Management LLC now owns 60,885 shares of the company’s stock valued at $3,404,000 after purchasing an additional 34,800 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Kellanova by 4.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after purchasing an additional 10,676 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in Kellanova during the fourth quarter valued at approximately $889,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Kellanova Trading Down 0.3 %

K stock traded down $0.17 during trading on Monday, hitting $57.30. The company had a trading volume of 512,360 shares, compared to its average volume of 2,762,778. The firm has a market capitalization of $19.59 billion, a P/E ratio of 21.52, a PEG ratio of 2.09 and a beta of 0.35. Kellanova has a 52-week low of $47.63 and a 52-week high of $67.79. The company has a 50 day simple moving average of $58.46 and a 200-day simple moving average of $57.10. 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 posted 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 the consensus estimate of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The firm’s revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 EPS. As a group, research analysts forecast that Kellanova will post 3.61 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.98%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is presently 83.90%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the transaction, the insider now directly owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related 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 value of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the completion of the transaction, the insider now directly owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The disclosure for this sale can be found here. Insiders have sold a total of 787,800 shares of company stock worth $46,384,682 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on K shares. TD Cowen boosted their target price on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. DA Davidson boosted their target price on shares of Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Barclays dropped their price target on shares of Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. Deutsche Bank Aktiengesellschaft dropped 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, Bank of America dropped their target price on shares of Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Thirteen analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.