Sona Asset Management US LLC Acquires 565,839 Shares of Kellanova (NYSE:K)

Sona Asset Management US LLC boosted its holdings in Kellanova (NYSE:K) by 427.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 698,073 shares of the company’s stock after buying an additional 565,839 shares during the quarter. Kellanova makes up 2.2% of Sona Asset Management US LLC’s holdings, making the stock its 10th biggest holding. Sona Asset Management US LLC’s holdings in Kellanova were worth $56,523,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Stonebridge Financial Group LLC bought a new position in Kellanova in the fourth quarter valued at about $27,000. BankPlus Trust Department acquired a new stake in Kellanova during the 4th quarter worth approximately $28,000. Rialto Wealth Management LLC bought a new stake in Kellanova during the 4th quarter worth approximately $32,000. Flagship Wealth Advisors LLC acquired a new position in Kellanova in the 4th quarter valued at approximately $32,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Kellanova by 64.8% during the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock worth $36,000 after purchasing an additional 173 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Price Performance

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

Kellanova (NYSE:K) last released 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 net margin of 10.53% and a return on equity of 37.25%. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the firm earned $1.01 earnings per share. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. Equities research analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

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

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $82.70, for a total transaction of $9,476,014.10. Following the transaction, the insider now owns 47,847,446 shares of the company’s stock, valued at approximately $3,956,983,784.20. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 1,260,413 shares of company stock valued at $103,786,990 over the last 90 days. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on K shares. StockNews.com lowered Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Royal Bank of Canada downgraded Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. Thirteen research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $79.41.

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.