Raab & Moskowitz Asset Management LLC Grows Stake in Kellanova (NYSE:K)

Raab & Moskowitz Asset Management LLC increased its holdings in shares of Kellanova (NYSE:K) by 20.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,530 shares of the company’s stock after acquiring an additional 1,105 shares during the quarter. Raab & Moskowitz Asset Management LLC’s holdings in Kellanova were worth $377,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in K. CANADA LIFE ASSURANCE Co boosted its stake in Kellanova by 4.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock valued at $14,705,000 after acquiring an additional 10,676 shares in the last quarter. SG Americas Securities LLC grew its stake in Kellanova by 498.7% during the 2nd quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock worth $15,049,000 after buying an additional 217,320 shares during the last quarter. Banque Cantonale Vaudoise increased its position in Kellanova by 35.5% during the first quarter. Banque Cantonale Vaudoise now owns 79,701 shares of the company’s stock worth $4,566,000 after buying an additional 20,866 shares during the period. M&G Plc purchased a new stake in Kellanova in the first quarter valued at approximately $9,346,000. Finally, Atria Investments Inc acquired a new stake in shares of Kellanova in the first quarter valued at approximately $1,003,000. 83.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the transaction, the insider now directly owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated 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 completion of the transaction, the insider now owns 50,368,272 shares in the company, valued at $4,062,201,136.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $4,367,692.00. Following the completion of the sale, the insider now directly owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 966,149 shares of company stock worth $69,866,455. 1.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on K shares. Barclays lifted their target price on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Piper Sandler lifted their price objective on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Stifel Nicolaus upped their target price on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a report on Monday, August 12th. Royal Bank of Canada lowered Kellanova from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Finally, The Goldman Sachs Group assumed coverage on Kellanova in a research report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price target on the stock. Fourteen analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.32.

Kellanova Stock Up 0.1 %

K opened at $80.76 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 12 month low of $47.63 and a 12 month high of $80.97. The stock has a market capitalization of $27.61 billion, a P/E ratio of 30.25, a P/E/G ratio of 2.59 and a beta of 0.39. The business has a 50 day simple moving average of $74.25 and a 200-day simple moving average of $63.74.

Kellanova (NYSE:K) last released its earnings results on Thursday, August 1st. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates 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 company earned $1.25 earnings per share. Kellanova’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, equities analysts anticipate that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 dividend on an annualized basis and a yield of 2.82%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 85.39%.

Kellanova 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.