Alpine Global Management LLC Makes New Investment in Kellanova $K

Alpine Global Management LLC acquired a new position in Kellanova (NYSE:K) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 12,990 shares of the company’s stock, valued at approximately $1,072,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Angelo Gordon & CO. L.P. raised its stake in Kellanova by 2.0% in the 1st quarter. Angelo Gordon & CO. L.P. now owns 152,776 shares of the company’s stock worth $12,602,000 after purchasing an additional 2,976 shares in the last quarter. Quarry LP increased its holdings in Kellanova by 33.8% in the 1st quarter. Quarry LP now owns 1,442 shares of the company’s stock valued at $119,000 after buying an additional 364 shares during the period. Vident Advisory LLC grew its holdings in shares of Kellanova by 186.2% during the 1st quarter. Vident Advisory LLC now owns 7,991 shares of the company’s stock valued at $659,000 after purchasing an additional 5,199 shares during the last quarter. Evergreen Capital Management LLC increased its position in Kellanova by 28.9% during the 1st quarter. Evergreen Capital Management LLC now owns 5,705 shares of the company’s stock worth $471,000 after purchasing an additional 1,278 shares in the last quarter. Finally, Magnetar Financial LLC increased its position in Kellanova by 20.3% during the 1st quarter. Magnetar Financial LLC now owns 1,131,157 shares of the company’s stock worth $93,309,000 after purchasing an additional 191,151 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Stock Up 0.0%

Shares of NYSE K opened at $79.48 on Friday. The company has a market capitalization of $27.63 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 4.95 and a beta of 0.27. Kellanova has a 52-week low of $77.70 and a 52-week high of $83.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The company’s 50 day moving average price is $79.73 and its 200-day moving average price is $81.31.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 EPS. Equities analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 2nd. This is a boost from Kellanova’s previous quarterly dividend of $0.57. Kellanova’s dividend payout ratio is presently 59.84%.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. The trade was a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 1,260,429 shares of company stock worth $100,650,980. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on K shares. JPMorgan Chase & Co. started coverage on Kellanova in a report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective on the stock. Citigroup raised Kellanova to a “neutral” rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Finally, Wall Street Zen downgraded Kellanova from a “hold” rating to a “sell” rating in a report on Saturday. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Kellanova has an average rating of “Hold” and a consensus price target of $83.38.

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.