California Public Employees Retirement System Increases Stock Position in Kellanova (NYSE:K)

California Public Employees Retirement System raised its position in Kellanova (NYSE:K) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,617,857 shares of the company’s stock after buying an additional 13,771 shares during the period. California Public Employees Retirement System owned about 0.47% of Kellanova worth $90,454,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Impact Partnership Wealth LLC acquired a new position in shares of Kellanova during the 3rd quarter worth approximately $131,000. Newbridge Financial Services Group Inc. grew its position in shares of Kellanova by 95.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,170 shares of the company’s stock valued at $70,000 after purchasing an additional 570 shares during the period. CreativeOne Wealth LLC increased its stake in shares of Kellanova by 26.6% during the third quarter. CreativeOne Wealth LLC now owns 4,430 shares of the company’s stock worth $264,000 after purchasing an additional 930 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Kellanova by 349.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 41,027 shares of the company’s stock worth $2,442,000 after purchasing an additional 31,895 shares during the last quarter. Finally, CX Institutional raised its position in shares of Kellanova by 779.8% during the 3rd quarter. CX Institutional now owns 39,223 shares of the company’s stock worth $2,300,000 after purchasing an additional 34,765 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $57.76, for a total transaction of $4,493,728.00. Following the completion of the transaction, the insider now directly owns 51,920,038 shares of the company’s stock, valued at approximately $2,998,901,394.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 933,600 shares of company stock worth $51,632,748 in the last ninety days. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

K has been the subject of a number of research analyst reports. StockNews.com cut Kellanova from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Piper Sandler raised their price objective on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Stifel Nicolaus upped their target price on shares of Kellanova from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Barclays boosted their price target on shares of Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Finally, DA Davidson assumed coverage on shares of Kellanova in a research note on Friday, March 1st. They set a “buy” rating and a $67.00 price objective for the company. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $62.27.

Kellanova Stock Up 1.0 %

Shares of K opened at $58.75 on Thursday. Kellanova has a 12-month low of $47.63 and a 12-month high of $72.30. The firm has a market cap of $20.08 billion, a P/E ratio of 21.36, a price-to-earnings-growth ratio of 2.23 and a beta of 0.40. The company’s 50-day moving average price is $55.85 and its 200 day moving average price is $54.19. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.07 billion. During the same quarter last year, the company posted $0.94 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Kellanova will post 3.57 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend was Thursday, February 29th. Kellanova’s payout ratio is currently 81.45%.

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.