PFG Investments LLC Decreases Stake in Kellanova (NYSE:K)

PFG Investments LLC trimmed its position in shares of Kellanova (NYSE:K) by 11.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,005 shares of the company’s stock after selling 773 shares during the period. PFG Investments LLC’s holdings in Kellanova were worth $346,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after buying an additional 170 shares during the last quarter. Family Firm Inc. purchased a new stake in Kellanova during the second quarter worth approximately $29,000. BNP Paribas acquired a new position in Kellanova in the first quarter valued at approximately $30,000. Motco increased its stake in Kellanova by 757.6% in the fourth quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in Kellanova during the second quarter worth approximately $39,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Trading Up 0.4 %

Shares of K opened at $80.26 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. Kellanova has a 1-year low of $47.63 and a 1-year high of $80.97. The stock has a market cap of $27.44 billion, a price-to-earnings ratio of 30.06, a price-to-earnings-growth ratio of 2.57 and a beta of 0.38. The firm has a 50 day simple moving average of $69.49 and a 200-day simple moving average of $61.93.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the business posted $1.25 earnings per share. Kellanova’s revenue was down 4.7% compared to the same quarter last year. Equities analysts forecast that Kellanova will post 3.7 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.84%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. Kellanova’s dividend payout ratio is 85.39%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Stifel Nicolaus raised their price objective on Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a report on Monday, August 12th. The Goldman Sachs Group assumed coverage on Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price for the company. Barclays raised their price target on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft boosted 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. Fourteen analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Kellanova currently has a consensus rating of “Hold” and an average price target of $74.32.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $57.64, for a total value of $4,484,392.00. Following the completion of the sale, the insider now directly owns 51,219,838 shares of the company’s stock, valued at approximately $2,952,311,462.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $57.64, for a total transaction of $4,484,392.00. Following the transaction, the insider now directly owns 51,219,838 shares in the company, valued at $2,952,311,462.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the sale, the insider now directly owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The disclosure for this sale can be found here. Insiders have sold 892,583 shares of company stock valued at $60,355,010 in the last ninety days. Insiders own 1.80% of the company’s stock.

About Kellanova

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.