Mirae Asset Global Investments Co. Ltd. Grows Holdings in Kellanova (NYSE:K)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Kellanova (NYSE:K) by 12.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 33,596 shares of the company’s stock after purchasing an additional 3,747 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Kellanova were worth $2,771,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Grove Bank & Trust purchased a new position in Kellanova in the 1st quarter worth approximately $25,000. Rialto Wealth Management LLC bought a new stake in shares of Kellanova during the fourth quarter valued at approximately $32,000. Flagship Wealth Advisors LLC bought a new position in shares of Kellanova during the fourth quarter worth $32,000. Accredited Wealth Management LLC purchased a new position in Kellanova during the fourth quarter valued at $36,000. Finally, Twin Tree Management LP purchased a new position in Kellanova during the fourth quarter valued at $39,000. 83.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

K has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a report on Friday, May 2nd. Royal Bank Of Canada downgraded Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Finally, Citigroup raised Kellanova to a “neutral” rating and set a $83.50 price target for the company in a research note on Thursday, May 29th. Fourteen research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $79.75.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $78.42, for a total value of $8,985,598.86. Following the completion of the sale, the insider owned 46,128,701 shares in the company, valued at approximately $3,617,412,732.42. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 1,374,996 shares of company stock worth $112,064,466 in the last quarter. Insiders own 1.80% of the company’s stock.

Kellanova Trading Up 0.1%

K opened at $79.96 on Thursday. The stock has a 50-day moving average of $81.41 and a 200 day moving average of $81.75. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. Kellanova has a 12 month low of $55.96 and a 12 month high of $83.22. The firm has a market cap of $27.74 billion, a P/E ratio of 20.19, a P/E/G ratio of 4.18 and a beta of 0.28.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.11). The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a net margin of 10.93% and a return on equity of 34.80%. Kellanova’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 earnings per share. As a group, research analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.85%. Kellanova’s payout ratio is 57.58%.

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.