Vivaldi Capital Management LP Takes $2.98 Million Position in Kellanova (NYSE:K)

Vivaldi Capital Management LP purchased a new position in shares of Kellanova (NYSE:K) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 36,396 shares of the company’s stock, valued at approximately $2,982,000.

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

Kellanova Stock Up 0.2%

Shares of NYSE K opened at $82.28 on Monday. The stock has a market cap of $28.55 billion, a P/E ratio of 21.26, a PEG ratio of 4.21 and a beta of 0.30. The business’s fifty day simple moving average is $82.37 and its 200-day simple moving average is $81.76. Kellanova has a 12-month low of $55.96 and a 12-month high of $83.22. 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 (NYSE:K) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share (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 company had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the business earned $1.01 EPS. Kellanova’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, equities analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Monday, June 2nd will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.77%. Kellanova’s payout ratio is 57.58%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $82.55, for a total value of $9,458,826.65. Following the completion of the sale, the insider now owns 47,732,863 shares in the company, valued at $3,940,347,840.65. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 1,260,413 shares of company stock valued at $103,786,990. Insiders own 1.80% of the company’s stock.

Kellanova Company 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.