DekaBank Deutsche Girozentrale Has $35.16 Million Stake in Kellanova (NYSE:K)

DekaBank Deutsche Girozentrale lowered its position in Kellanova (NYSE:K) by 9.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 610,870 shares of the company’s stock after selling 61,365 shares during the period. DekaBank Deutsche Girozentrale owned 0.18% of Kellanova worth $35,159,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in K. Principal Securities Inc. acquired a new stake in shares of Kellanova in the fourth quarter worth about $74,000. Dimensional Fund Advisors LP boosted its position in Kellanova by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock worth $124,893,000 after purchasing an additional 9,726 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Kellanova by 9.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 307,031 shares of the company’s stock valued at $17,648,000 after purchasing an additional 25,780 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Kellanova by 43.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 40,878 shares of the company’s stock valued at $2,286,000 after purchasing an additional 12,352 shares during the period. Finally, Quadrant Capital Group LLC lifted its stake in shares of Kellanova by 41.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,237 shares of the company’s stock worth $237,000 after buying an additional 1,241 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the sale, the insider now owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the transaction, the insider now directly owns 51,142,038 shares in the company, valued at $2,871,114,013.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following 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 three months. 1.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

K has been the topic of several recent analyst reports. The Goldman Sachs Group assumed coverage on shares of Kellanova in a report on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price on the stock. BNP Paribas upgraded Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research note on Monday, August 5th. Barclays raised their target price on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Piper Sandler increased their price objective on Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Fourteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $74.32.

Kellanova Price Performance

Shares of K stock opened at $80.68 on Friday. The stock’s fifty day simple moving average is $69.97 and its 200 day simple moving average is $62.10. Kellanova has a one year low of $47.63 and a one year high of $80.97. The firm has a market cap of $27.62 billion, a price-to-earnings ratio of 30.22, a P/E/G ratio of 2.57 and a beta of 0.39. 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 (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.90 by $0.11. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.25 EPS. On average, analysts expect that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a $0.57 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is 85.39%.

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.