New York State Common Retirement Fund Has $16.17 Million Stock Position in Kellanova (NYSE:K)

New York State Common Retirement Fund reduced its position in Kellanova (NYSE:K) by 9.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 289,181 shares of the company’s stock after selling 30,855 shares during the period. New York State Common Retirement Fund’s holdings in Kellanova were worth $16,168,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Invesco Ltd. grew its stake in shares of Kellanova by 29.4% during the third quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock worth $296,971,000 after purchasing an additional 1,132,485 shares during the period. Van ECK Associates Corp grew its stake in shares of Kellanova by 27.4% during the third quarter. Van ECK Associates Corp now owns 4,890,952 shares of the company’s stock worth $291,061,000 after purchasing an additional 1,051,922 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Kellanova by 738.6% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 420,781 shares of the company’s stock worth $23,522,000 after purchasing an additional 370,607 shares during the period. Deutsche Bank AG grew its stake in shares of Kellanova by 27.4% during the third quarter. Deutsche Bank AG now owns 1,607,621 shares of the company’s stock worth $95,670,000 after purchasing an additional 345,830 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Kellanova by 8.7% during the third quarter. Northern Trust Corp now owns 4,116,944 shares of the company’s stock worth $244,999,000 after purchasing an additional 328,658 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. DA Davidson assumed coverage on Kellanova in a report on Friday, March 1st. They set a “buy” rating and a $67.00 target price on the stock. Wells Fargo & Company lifted their target price on Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a report on Friday, February 9th. Stifel Nicolaus lifted their target price on Kellanova from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Finally, Barclays lifted their target price on Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.27.

Kellanova Stock Performance

K opened at $57.73 on Monday. Kellanova has a 52-week low of $47.63 and a 52-week high of $72.30. The firm has a market capitalization of $19.73 billion, a PE ratio of 20.99, a PEG ratio of 2.21 and a beta of 0.40. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.41 and a current ratio of 0.66. The business’s 50-day simple moving average is $55.96 and its 200 day simple moving average is $54.33.

Kellanova (NYSE:K) last released its earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.04. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same quarter in the prior year, the company posted $0.94 earnings per share. Kellanova’s revenue was up .3% on a year-over-year basis. As a group, sell-side analysts expect that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $2.24 annualized dividend and a yield of 3.88%. Kellanova’s payout ratio is presently 81.45%.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $57.76, for a total transaction of $4,493,728.00. Following the transaction, the insider now owns 51,920,038 shares of the company’s stock, valued at $2,998,901,394.88. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders have sold 855,800 shares of company stock worth $47,378,644. Corporate insiders own 1.80% of the company’s stock.

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.