NorthRock Partners LLC Acquires New Holdings in Kellanova (NYSE:K)

NorthRock Partners LLC purchased a new stake in Kellanova (NYSE:K) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 10,594 shares of the company’s stock, valued at approximately $858,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund grew its holdings in shares of Kellanova by 0.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,091 shares of the company’s stock valued at $1,870,000 after acquiring an additional 130 shares in the last quarter. Quent Capital LLC boosted its holdings in shares of Kellanova by 20.2% during the 4th quarter. Quent Capital LLC now owns 833 shares of the company’s stock worth $67,000 after buying an additional 140 shares during the period. OneAscent Financial Services LLC increased its stake in shares of Kellanova by 4.7% during the fourth quarter. OneAscent Financial Services LLC now owns 3,315 shares of the company’s stock worth $268,000 after purchasing an additional 149 shares during the period. SPC Financial Inc. increased its position in Kellanova by 5.7% during the 4th quarter. SPC Financial Inc. now owns 2,976 shares of the company’s stock worth $241,000 after buying an additional 160 shares during the period. Finally, CENTRAL TRUST Co raised its stake in Kellanova by 0.7% in the 4th quarter. CENTRAL TRUST Co now owns 22,480 shares of the company’s stock worth $1,820,000 after purchasing an additional 162 shares in the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. StockNews.com downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. Royal Bank of Canada downgraded Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Thirteen analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $79.41.

Kellanova Trading Up 0.4%

Shares of K opened at $82.11 on Friday. Kellanova has a fifty-two week low of $55.96 and a fifty-two week high of $83.22. The firm has a market cap of $28.49 billion, a price-to-earnings ratio of 21.22, a PEG ratio of 4.21 and a beta of 0.30. The firm has a 50 day moving average price of $82.37 and a 200-day moving average price of $81.74. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). Kellanova had a return on equity of 37.25% and a net margin of 10.53%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the firm earned $1.01 earnings per share. Kellanova’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, equities research analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.78%. Kellanova’s dividend payout ratio (DPR) is currently 57.58%.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $82.55, for a total transaction of $9,458,826.65. Following the completion of the transaction, the insider now owns 47,732,863 shares of the company’s stock, valued at $3,940,347,840.65. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have sold 1,260,413 shares of company stock valued at $103,786,990. 1.80% of the stock is currently owned by company insiders.

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.