KLP Kapitalforvaltning AS Acquires Shares of 97,518 Kellanova (NYSE:K)

KLP Kapitalforvaltning AS bought a new stake in Kellanova (NYSE:K) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 97,518 shares of the company’s stock, valued at approximately $7,896,000.

Several other hedge funds have also made changes to their positions in the business. Independent Advisor Alliance raised its stake in Kellanova by 16.5% during the 4th quarter. Independent Advisor Alliance now owns 7,203 shares of the company’s stock valued at $583,000 after acquiring an additional 1,019 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of Kellanova by 5.1% during the third quarter. Toronto Dominion Bank now owns 178,845 shares of the company’s stock worth $14,435,000 after purchasing an additional 8,686 shares during the last quarter. Wedmont Private Capital acquired a new stake in shares of Kellanova during the fourth quarter worth $384,000. Barclays PLC lifted its holdings in shares of Kellanova by 134.7% during the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after purchasing an additional 1,033,383 shares during the period. Finally, Alpine Associates Management Inc. grew its position in Kellanova by 93.5% in the 4th quarter. Alpine Associates Management Inc. now owns 612,850 shares of the company’s stock valued at $49,622,000 after buying an additional 296,150 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Price Performance

K stock opened at $82.40 on Tuesday. The firm has a 50 day moving average of $82.16 and a 200-day moving average of $81.27. The company has a market cap of $28.45 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 4.21 and a beta of 0.31. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29. Kellanova has a 12-month low of $55.01 and a 12-month high of $83.22.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. As a group, equities analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were given a $0.57 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $2.28 annualized dividend and a dividend yield of 2.77%. Kellanova’s dividend payout ratio is presently 58.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on K. Royal Bank of Canada downgraded shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. StockNews.com began coverage on shares of Kellanova in a report on Thursday, March 20th. They set a “hold” rating for the company. Fourteen analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $77.96.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $81.28, for a total transaction of $9,313,306.24. Following the sale, the insider now owns 48,649,527 shares in the company, valued at approximately $3,954,233,554.56. This represents a 0.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 1,260,413 shares of company stock valued at $103,290,845. Insiders own 1.80% of the company’s stock.

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.