Koss Olinger Consulting LLC Trims Stake in Kellanova (NYSE:K)

Koss Olinger Consulting LLC trimmed its stake in Kellanova (NYSE:K) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,865 shares of the company’s stock after selling 2,687 shares during the period. Koss Olinger Consulting LLC’s holdings in Kellanova were worth $3,056,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. D. E. Shaw & Co. Inc. boosted its holdings in Kellanova by 766.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after buying an additional 1,664,461 shares during the period. Maverick Capital Ltd. bought a new position in shares of Kellanova during the 2nd quarter valued at about $88,065,000. Point72 Asset Management L.P. bought a new position in shares of Kellanova during the 2nd quarter valued at about $63,585,000. Boston Partners boosted its holdings in shares of Kellanova by 117.1% during the 1st quarter. Boston Partners now owns 1,278,079 shares of the company’s stock valued at $73,221,000 after purchasing an additional 689,395 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Kellanova by 130.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock valued at $62,122,000 after purchasing an additional 608,989 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

K has been the subject of several research reports. StockNews.com initiated coverage on shares of Kellanova in a report on Saturday. They set a “hold” rating for the company. Evercore ISI raised shares of Kellanova to a “hold” rating in a report on Friday, August 2nd. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $76.00 to $83.50 in a report on Thursday, August 15th. Barclays increased their price objective on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Finally, Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and increased their price target for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Fifteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Kellanova currently has an average rating of “Hold” and an average target price of $74.32.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the sale, the insider now owns 50,830,838 shares of the company’s stock, valued at approximately $3,761,990,320.38. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $80.65, for a total value of $9,241,118.95. Following the completion of the transaction, the insider now owns 50,368,272 shares of the company’s stock, valued at $4,062,201,136.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the transaction, the insider now directly owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,076,498 shares of company stock valued at $84,360,375. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Performance

Kellanova stock opened at $81.05 on Monday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. Kellanova has a 1-year low of $49.28 and a 1-year high of $81.21. The firm has a market capitalization of $27.71 billion, a P/E ratio of 30.36, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39. The company’s 50-day moving average is $80.19 and its 200 day moving average is $66.65.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company’s revenue was down 4.7% on a year-over-year basis. Research analysts forecast that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 85.39%.

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.