Harvest Management LLC Invests $9.44 Million in Kellanova (NYSE:K)

Harvest Management LLC acquired a new stake in shares of Kellanova (NYSE:K) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 117,000 shares of the company’s stock, valued at approximately $9,443,000. Kellanova makes up approximately 4.8% of Harvest Management LLC’s holdings, making the stock its 6th largest position.

Several other hedge funds have also recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings LLC increased its stake in shares of Kellanova by 0.5% in the third quarter. Chevy Chase Trust Holdings LLC now owns 144,439 shares of the company’s stock worth $11,658,000 after buying an additional 731 shares during the period. Cinctive Capital Management LP purchased a new position in shares of Kellanova in the third quarter valued at about $19,015,000. ClearAlpha Technologies LP bought a new position in shares of Kellanova during the third quarter valued at about $7,155,000. Coastwise Capital Group LLC purchased a new stake in Kellanova in the 3rd quarter worth approximately $268,000. Finally, Benjamin Edwards Inc. bought a new position in Kellanova in the 3rd quarter worth $636,000. Institutional investors own 83.87% of the company’s stock.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now directly owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 1,145,830 shares of company stock worth $92,516,606. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on K. Wells Fargo & Company raised their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Piper Sandler upped their price target on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research note on Thursday, August 15th. Stifel Nicolaus raised their price target on Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a report on Monday, August 12th. Finally, StockNews.com assumed coverage on shares of Kellanova in a research note on Thursday, November 28th. They issued a “hold” rating on the stock. Fifteen analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $76.35.

Kellanova Stock Down 0.0 %

Kellanova stock opened at $80.71 on Tuesday. Kellanova has a one year low of $52.46 and a one year high of $81.34. The stock has a fifty day moving average of $80.82 and a 200 day moving average of $71.52. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77. The stock has a market cap of $27.82 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 2.61 and a beta of 0.38.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the firm earned $1.03 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. As a group, sell-side analysts predict that Kellanova will post 3.74 EPS for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. Kellanova’s dividend payout ratio (DPR) is presently 78.35%.

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.