Wellington Management Group LLP Acquires New Holdings in Kellanova $K

Wellington Management Group LLP purchased a new stake in Kellanova (NYSE:K) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,828 shares of the company’s stock, valued at approximately $398,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in K. JPMorgan Chase & Co. increased its position in Kellanova by 66.3% in the 1st quarter. JPMorgan Chase & Co. now owns 2,413,007 shares of the company’s stock valued at $199,049,000 after acquiring an additional 962,172 shares during the period. Bank of America Corp DE increased its position in Kellanova by 43.1% in the 4th quarter. Bank of America Corp DE now owns 2,255,889 shares of the company’s stock valued at $182,659,000 after acquiring an additional 679,754 shares during the period. Sona Asset Management US LLC increased its position in Kellanova by 427.9% in the 4th quarter. Sona Asset Management US LLC now owns 698,073 shares of the company’s stock valued at $56,523,000 after acquiring an additional 565,839 shares during the period. GAMMA Investing LLC increased its position in Kellanova by 8,377.9% in the 1st quarter. GAMMA Investing LLC now owns 568,274 shares of the company’s stock valued at $46,877,000 after acquiring an additional 561,571 shares during the period. Finally, Alpine Associates Management Inc. increased its position in Kellanova by 89.0% in the 1st quarter. Alpine Associates Management Inc. now owns 1,158,150 shares of the company’s stock valued at $95,536,000 after acquiring an additional 545,300 shares during the period. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the completion of the sale, the insider directly owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 1,260,429 shares of company stock valued at $100,650,980 in the last ninety days. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on K. Wall Street Zen cut shares of Kellanova from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup upgraded shares of Kellanova to a “neutral” rating and set a $83.50 price objective for the company in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. started coverage on shares of Kellanova in a research report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective for the company. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $83.38.

Kellanova Trading Up 0.0%

K opened at $79.48 on Tuesday. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The stock has a market cap of $27.63 billion, a PE ratio of 20.86, a price-to-earnings-growth ratio of 4.95 and a beta of 0.27. The company has a fifty day moving average of $79.75 and a 200-day moving average of $81.28. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22.

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

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.58 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a yield of 2.9%. Kellanova’s dividend payout ratio is 59.84%.

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.