Point72 Asset Management L.P. Takes Position in Kellanova (NYSE:K)

Point72 Asset Management L.P. acquired a new position in Kellanova (NYSE:K) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,102,367 shares of the company’s stock, valued at approximately $63,585,000. Point72 Asset Management L.P. owned about 0.32% of Kellanova as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after acquiring an additional 170 shares in the last quarter. Family Firm Inc. bought a new stake in shares of Kellanova during the 2nd quarter valued at $29,000. BNP Paribas purchased a new stake in Kellanova during the 1st quarter worth about $30,000. Ridgewood Investments LLC bought a new position in Kellanova in the 2nd quarter worth about $39,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Kellanova by 139.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Kellanova Stock Down 0.1 %

Shares of K opened at $80.59 on Thursday. Kellanova has a 1 year low of $47.63 and a 1 year high of $80.97. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.48. The stock has a 50 day simple moving average of $73.35 and a two-hundred day simple moving average of $63.44. The firm has a market cap of $27.55 billion, a P/E ratio of 30.18, a P/E/G ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. On average, analysts forecast that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were issued a $0.57 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $2.28 annualized dividend and a dividend yield of 2.83%. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s payout ratio is currently 85.39%.

Analysts Set New Price Targets

K has been the subject of a number of analyst reports. DA Davidson lowered shares of Kellanova from a “buy” rating to a “neutral” rating and raised their price objective for the company from $80.00 to $83.50 in a research report on Monday, August 26th. Piper Sandler raised their price target on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a report on Thursday, August 15th. The Goldman Sachs Group initiated coverage on shares of Kellanova in a research report on Monday, August 12th. They set a “neutral” rating and a $75.00 price target for the company. Royal Bank of Canada downgraded Kellanova from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Finally, BNP Paribas upgraded Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research report on Monday, August 5th. Fourteen equities 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 company currently has a consensus rating of “Hold” and a consensus price target of $74.32.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the sale, the insider now directly owns 51,142,038 shares of the company’s stock, valued at $2,871,114,013.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the sale, the insider now owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the transaction, the insider now owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,043,949 shares of company stock worth $74,350,847. 1.80% of the stock is currently owned by insiders.

Kellanova Company 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.