United Services Automobile Association Purchases New Position in Kellanova $K

United Services Automobile Association purchased a new stake in shares of Kellanova (NYSE:K) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 6,095 shares of the company’s stock, valued at approximately $503,000.

Several other institutional investors also recently bought and sold shares of K. Pinnacle Associates Ltd. increased its position in shares of Kellanova by 2.0% in the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company’s stock valued at $526,000 after buying an additional 123 shares in the last quarter. Independent Advisor Alliance increased its position in shares of Kellanova by 1.8% in the first quarter. Independent Advisor Alliance now owns 7,334 shares of the company’s stock valued at $605,000 after buying an additional 131 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Kellanova by 1.3% in the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company’s stock valued at $860,000 after buying an additional 132 shares in the last quarter. Legacy Advisors LLC increased its position in shares of Kellanova by 7.1% in the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company’s stock valued at $222,000 after buying an additional 179 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Kellanova by 6.0% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company’s stock valued at $271,000 after buying an additional 185 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

K has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on Kellanova in a research report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 price objective for the company. Citigroup upgraded Kellanova to a “neutral” rating and set a $83.50 price objective for the company in a research report on Thursday, May 29th. Finally, Wall Street Zen cut Kellanova from a “hold” rating to a “sell” rating in a research report on Saturday, August 30th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $83.38.

Kellanova Stock Performance

Shares of NYSE:K opened at $79.02 on Thursday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The business’s 50 day moving average price is $79.78 and its 200-day moving average price is $81.15. The firm has a market capitalization of $27.47 billion, a PE ratio of 20.74, a P/E/G ratio of 4.95 and a beta of 0.27. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22.

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 business’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 earnings per share. As a group, equities research analysts expect that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. This is an increase from Kellanova’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Tuesday, September 2nd. Kellanova’s dividend payout ratio is presently 60.89%.

Insiders Place Their Bets

In other Kellanova 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 stock was 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 of the company’s stock, valued at approximately $3,587,501,192.90. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 1,145,846 shares of company stock worth $91,267,778 over the last quarter. 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.