Kentucky Retirement Systems Has $1.15 Million Stake in Kellanova (NYSE:K)

Kentucky Retirement Systems decreased its stake in shares of Kellanova (NYSE:K) by 5.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 20,029 shares of the company’s stock after selling 1,073 shares during the period. Kentucky Retirement Systems’ holdings in Kellanova were worth $1,147,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in K. Norges Bank bought a new stake in Kellanova during the 4th quarter valued at approximately $150,184,000. Vanguard Group Inc. lifted its position in shares of Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock worth $1,797,525,000 after acquiring an additional 1,130,582 shares during the period. Anchor Capital Advisors LLC bought a new stake in shares of Kellanova in the 4th quarter worth approximately $38,939,000. Beutel Goodman & Co Ltd. lifted its position in shares of Kellanova by 15.5% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after acquiring an additional 655,686 shares during the period. Finally, Clearbridge Investments LLC bought a new stake in shares of Kellanova in the 4th quarter worth approximately $35,372,000. Institutional investors own 83.87% of the company’s stock.

Kellanova Trading Down 0.3 %

Shares of NYSE K traded down $0.17 during midday trading on Monday, hitting $57.30. The stock had a trading volume of 512,360 shares, compared to its average volume of 2,762,778. The company’s 50-day simple moving average is $58.46 and its 200 day simple moving average is $57.10. The firm has a market cap of $19.59 billion, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.35. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $67.79. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.62 and a quick ratio of 0.41.

Kellanova (NYSE:K) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the previous year, the company posted $1.10 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. Research analysts anticipate that Kellanova will post 3.61 EPS for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.98%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is presently 83.90%.

Analysts Set New Price Targets

A number of analysts have commented on K shares. Bank of America reduced their price objective on Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. TD Cowen raised their target price on Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Barclays cut their target price on Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. JPMorgan Chase & Co. raised their target price on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Kellanova from $62.00 to $60.00 and set a “hold” rating for the company in a research report on Tuesday, July 23rd. Thirteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.50.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the transaction, the insider now directly owns 51,686,638 shares of the company’s stock, valued at $3,220,594,413.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total transaction of $4,847,718.00. Following the completion of the transaction, the insider now directly owns 51,686,638 shares of the company’s stock, valued at $3,220,594,413.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 787,800 shares of company stock valued at $46,384,682. Company 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.