Public Sector Pension Investment Board Boosts Stake in Kellanova $K

Public Sector Pension Investment Board grew its stake in shares of Kellanova (NYSE:K) by 8.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,532 shares of the company’s stock after buying an additional 2,868 shares during the quarter. Public Sector Pension Investment Board’s holdings in Kellanova were worth $2,931,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Kellanova by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company’s stock valued at $2,697,039,000 after buying an additional 259,604 shares in the last quarter. Keybank National Association OH raised its position in Kellanova by 0.7% in the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company’s stock worth $1,626,579,000 after purchasing an additional 128,439 shares during the period. Pentwater Capital Management LP raised its position in Kellanova by 8.5% in the 4th quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company’s stock worth $465,982,000 after purchasing an additional 450,700 shares during the period. Northern Trust Corp raised its position in Kellanova by 15.7% in the 4th quarter. Northern Trust Corp now owns 3,897,899 shares of the company’s stock worth $315,613,000 after purchasing an additional 530,132 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Kellanova by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,661,225 shares of the company’s stock worth $215,479,000 after purchasing an additional 86,293 shares during the period. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $80.07, for a total transaction of $9,174,660.81. Following the transaction, the insider owned 45,326,620 shares in the company, valued at $3,629,302,463.40. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,145,830 shares of company stock worth $91,810,775 in the last 90 days. 1.80% of the stock is owned by insiders.

Kellanova Price Performance

K stock opened at $80.0550 on Wednesday. The firm’s 50-day moving average price is $79.73 and its two-hundred day moving average price is $81.43. Kellanova has a 12-month low of $77.70 and a 12-month high of $83.22. The stock has a market capitalization of $27.83 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 4.96 and a beta of 0.27. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.05). Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. Kellanova’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. This is a boost from Kellanova’s previous quarterly dividend of $0.57. Kellanova’s payout ratio is currently 59.84%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on K shares. Citigroup upgraded shares of Kellanova to a “neutral” rating and set a $83.50 target price on the stock in a research report on Thursday, May 29th. Wall Street Zen cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $83.38.

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.