Vinva Investment Management Ltd Reduces Holdings in Kellanova (NYSE:K)

Vinva Investment Management Ltd cut its position in shares of Kellanova (NYSE:K) by 65.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,309 shares of the company’s stock after selling 21,295 shares during the quarter. Vinva Investment Management Ltd’s holdings in Kellanova were worth $914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Swedbank AB grew its holdings in shares of Kellanova by 20.5% during the third quarter. Swedbank AB now owns 273,521 shares of the company’s stock worth $22,076,000 after buying an additional 46,450 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Kellanova by 498.7% during the second 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 in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Kellanova by 6.9% during the third quarter. Principal Financial Group Inc. now owns 373,792 shares of the company’s stock worth $30,169,000 after buying an additional 24,067 shares in the last quarter. Atria Investments Inc purchased a new stake in shares of Kellanova during the first quarter worth about $1,003,000. Finally, Tidal Investments LLC grew its holdings in shares of Kellanova by 36.7% during the first quarter. Tidal Investments LLC now owns 37,451 shares of the company’s stock worth $2,145,000 after buying an additional 10,051 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Trading Up 0.2 %

NYSE K opened at $81.30 on Friday. The company’s fifty day simple moving average is $80.82 and its 200-day simple moving average is $71.26. Kellanova has a 52 week low of $51.02 and a 52 week high of $81.34. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The stock has a market cap of $28.02 billion, a P/E ratio of 27.94, a PEG ratio of 2.61 and a beta of 0.39.

Kellanova (NYSE:K) last posted its earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business 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 company posted $1.03 earnings per share. The business’s revenue for the quarter was down .7% compared to the same quarter last year. Equities research analysts predict that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a $0.57 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.80%. Kellanova’s dividend payout ratio (DPR) is presently 78.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. DA Davidson downgraded shares of Kellanova from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $83.50 in a report on Monday, August 26th. The Goldman Sachs Group began coverage on shares of Kellanova in a research report on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price on the stock. Royal Bank of Canada cut shares of Kellanova from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and raised their target price for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Finally, Wells Fargo & Company raised their target price on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Fifteen research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $76.35.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total value of $9,241,118.95. Following the completion of the sale, the insider now owns 50,368,272 shares in the company, valued at approximately $4,062,201,136.80. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 1,145,830 shares of company stock worth $92,516,606. 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.