PFG Investments LLC Takes $388,000 Position in Kellanova (NYSE:K)

PFG Investments LLC purchased a new position in shares of Kellanova (NYSE:K) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,778 shares of the company’s stock, valued at approximately $388,000.

Several other hedge funds have also made changes to their positions in the stock. Louisiana State Employees Retirement System bought a new stake in shares of Kellanova during the fourth quarter valued at approximately $889,000. Comerica Bank acquired a new position in Kellanova during the 3rd quarter worth $4,974,000. Raymond James & Associates grew its stake in shares of Kellanova by 11.9% in the fourth quarter. Raymond James & Associates now owns 400,371 shares of the company’s stock worth $22,385,000 after purchasing an additional 42,656 shares in the last quarter. Soltis Investment Advisors LLC increased its holdings in shares of Kellanova by 25.7% during the third quarter. Soltis Investment Advisors LLC now owns 46,127 shares of the company’s stock valued at $2,745,000 after purchasing an additional 9,434 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in shares of Kellanova by 29.0% during the fourth quarter. Handelsbanken Fonder AB now owns 180,783 shares of the company’s stock valued at $10,108,000 after purchasing an additional 40,656 shares during the period. Institutional investors own 83.87% of the company’s stock.

Analyst Upgrades and Downgrades

K has been the topic of several recent analyst reports. StockNews.com cut Kellanova from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Piper Sandler raised their target price on Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, February 12th. Citigroup began coverage on shares of Kellanova in a research report on Thursday, February 1st. They issued a “neutral” rating and a $57.00 price target on the stock. Wells Fargo & Company upped their price target on shares of Kellanova from $56.00 to $58.00 and gave the company an “equal weight” rating in a report on Friday, February 9th. Finally, Barclays lifted their price objective on shares of Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $62.27.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $58.00, for a total transaction of $4,512,400.00. Following the transaction, the insider now owns 51,842,238 shares of the company’s stock, valued at approximately $3,006,849,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 933,600 shares of company stock worth $51,891,044 in the last three months. Insiders own 1.80% of the company’s stock.

Kellanova Price Performance

Shares of NYSE:K traded down $0.35 during midday trading on Tuesday, reaching $57.86. 4,672,857 shares of the company’s stock were exchanged, compared to its average volume of 3,121,030. Kellanova has a 12 month low of $47.63 and a 12 month high of $72.30. The firm has a market capitalization of $19.77 billion, a PE ratio of 21.04, a price-to-earnings-growth ratio of 2.21 and a beta of 0.40. The company’s 50 day simple moving average is $56.05 and its two-hundred day simple moving average is $54.45. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.41 and a current ratio of 0.66.

Kellanova (NYSE:K) last posted its earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. The company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. Kellanova’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 earnings per share. Equities research analysts expect that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is currently 81.45%.

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.