OFI Invest Asset Management Grows Stock Holdings in Kellanova $K

OFI Invest Asset Management increased its stake in shares of Kellanova (NYSE:K) by 41.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,250 shares of the company’s stock after purchasing an additional 365 shares during the period. OFI Invest Asset Management’s holdings in Kellanova were worth $99,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in K. GAMMA Investing LLC raised its holdings in shares of Kellanova by 2.8% during the first quarter. GAMMA Investing LLC now owns 6,889 shares of the company’s stock valued at $568,000 after purchasing an additional 186 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Kellanova by 1.1% during the first quarter. Fifth Third Bancorp now owns 18,264 shares of the company’s stock valued at $1,507,000 after purchasing an additional 204 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Kellanova by 22.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company’s stock valued at $1,637,000 after purchasing an additional 3,665 shares during the last quarter. Grove Bank & Trust purchased a new position in shares of Kellanova during the first quarter valued at approximately $25,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of Kellanova by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 31,506 shares of the company’s stock valued at $2,598,000 after purchasing an additional 850 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on K shares. Wall Street Zen cut shares of Kellanova from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Weiss Ratings raised shares of Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 target price for the company. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $83.38.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the transaction, the insider directly owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 572,931 shares of company stock valued at $45,755,411 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Down 0.0%

Shares of K stock opened at $82.85 on Monday. Kellanova has a 12 month low of $76.48 and a 12 month high of $83.22. The stock has a market cap of $28.80 billion, a P/E ratio of 21.75, a P/E/G ratio of 5.16 and a beta of 0.24. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The company has a 50 day simple moving average of $79.95 and a two-hundred day simple moving average of $80.78.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share 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 the consensus estimate of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 earnings per share. On average, research analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.58 dividend. The ex-dividend date was Tuesday, September 2nd. This is an increase from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.8%. Kellanova’s dividend payout ratio (DPR) is currently 60.89%.

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.