OVERSEA CHINESE BANKING Corp Ltd Has $35.58 Million Stake in Kellanova $K

OVERSEA CHINESE BANKING Corp Ltd trimmed its stake in shares of Kellanova (NYSE:K) by 9.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 447,366 shares of the company’s stock after selling 44,187 shares during the period. Kellanova makes up about 1.0% of OVERSEA CHINESE BANKING Corp Ltd’s investment portfolio, making the stock its 23rd biggest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Kellanova were worth $35,579,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of K. Pentwater Capital Management LP lifted its position in shares of Kellanova by 39.0% during the first quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock worth $659,920,000 after purchasing an additional 2,245,000 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Kellanova by 66.3% in the first quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company’s stock valued at $199,049,000 after buying an additional 962,172 shares during the period. Syquant Capital Sas lifted its holdings in Kellanova by 123.6% in the second quarter. Syquant Capital Sas now owns 1,143,568 shares of the company’s stock valued at $90,948,000 after buying an additional 632,168 shares during the period. Alpine Associates Management Inc. lifted its holdings in Kellanova by 89.0% in the first quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company’s stock valued at $95,536,000 after buying an additional 545,300 shares during the period. Finally, PSquared Asset Management AG acquired a new position in Kellanova in the first quarter valued at approximately $28,905,000. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Kellanova Trading Down 0.0%

K opened at $83.01 on Monday. The firm’s fifty day moving average is $80.53 and its two-hundred day moving average is $80.83. 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 firm has a market cap of $28.86 billion, a PE ratio of 21.79, a price-to-earnings-growth ratio of 5.16 and a beta of 0.24. Kellanova has a twelve month low of $76.48 and a twelve month high of $83.22.

Kellanova (NYSE:K) last posted its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate 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 company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business posted $1.01 earnings per share. Equities research analysts anticipate that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.58 dividend. The ex-dividend date is Monday, December 1st. This represents a $2.32 annualized dividend and a yield of 2.8%. Kellanova’s dividend payout ratio (DPR) is 60.89%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the 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 completion of the sale, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 343,765 shares of company stock worth $27,455,360 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 price objective on the stock. Weiss Ratings lowered shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday. Finally, Wall Street Zen lowered shares of Kellanova from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $83.38.

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.