Chicago Capital LLC Purchases New Shares in Kellanova (NYSE:K)

Chicago Capital LLC purchased a new stake in shares of Kellanova (NYSE:K) during the 3rd quarter, HoldingsChannel reports. The firm purchased 2,560 shares of the company’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB grew its position in Kellanova by 20.5% during the third quarter. Swedbank AB now owns 273,521 shares of the company’s stock valued at $22,076,000 after buying an additional 46,450 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of 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 purchasing an additional 10,676 shares during the period. SG Americas Securities LLC grew its position in shares of Kellanova by 498.7% in the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock valued at $15,049,000 after purchasing an additional 217,320 shares during the period. M&G Plc acquired a new stake in shares of Kellanova in the first quarter valued at about $9,346,000. Finally, Atria Investments Inc acquired a new stake in shares of Kellanova in the first quarter valued at about $1,003,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Price Performance

Shares of K stock opened at $81.05 on Monday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The firm’s 50-day moving average is $80.19 and its two-hundred day moving average is $66.65. Kellanova has a 12 month low of $49.28 and a 12 month high of $81.21. The company has a market capitalization of $27.71 billion, a PE ratio of 30.36, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The business 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 business’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 EPS. Analysts predict that Kellanova will post 3.7 earnings per share for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 2.81%. The ex-dividend date was Tuesday, September 3rd. Kellanova’s dividend payout ratio is presently 85.39%.

Insider Buying and Selling

In related 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 29th. The shares were sold at an average price of $57.23, for a total transaction of $4,452,494.00. Following the sale, the insider now directly owns 50,908,638 shares of the company’s stock, valued at $2,913,501,352.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 29th. The shares were sold at an average price of $57.23, for a total transaction of $4,452,494.00. Following the sale, the insider now directly owns 50,908,638 shares of the company’s stock, valued at $2,913,501,352.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the sale, the insider now directly owns 50,368,272 shares in the company, valued at approximately $4,062,201,136.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,076,498 shares of company stock valued at $84,360,375 in the last ninety days. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports 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 research report on Thursday, August 15th. Stifel Nicolaus lifted their target price on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Piper Sandler lifted their target price on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research report on Thursday, August 15th. The Goldman Sachs Group started coverage on shares of Kellanova in a research report on Monday, August 12th. They set a “neutral” rating and a $75.00 price target on the stock. Finally, Royal Bank of Canada lowered shares of Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Fifteen research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Kellanova has a consensus rating of “Hold” and a consensus target price of $74.32.

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.