Kellanova $K Shares Purchased by AQR Arbitrage LLC

AQR Arbitrage LLC increased its stake in shares of Kellanova (NYSE:K) by 59.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 911,710 shares of the company’s stock after buying an additional 340,200 shares during the quarter. Kellanova comprises 1.7% of AQR Arbitrage LLC’s holdings, making the stock its 10th largest position. AQR Arbitrage LLC owned 0.26% of Kellanova worth $72,180,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Syquant Capital Sas raised its stake in Kellanova by 123.6% during the second quarter. Syquant Capital Sas now owns 1,143,568 shares of the company’s stock worth $90,948,000 after purchasing an additional 632,168 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Kellanova by 6.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 86,258 shares of the company’s stock valued at $6,860,000 after buying an additional 5,524 shares during the period. Callan Family Office LLC acquired a new stake in shares of Kellanova during the 2nd quarter worth approximately $364,000. PSquared Asset Management AG purchased a new stake in shares of Kellanova during the 1st quarter valued at approximately $28,905,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Kellanova by 4.3% in the second quarter. PNC Financial Services Group Inc. now owns 81,977 shares of the company’s stock valued at $6,520,000 after acquiring an additional 3,354 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on K. Weiss Ratings cut Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Wall Street Zen raised Kellanova from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, JPMorgan Chase & Co. started coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 price objective on the stock. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Kellanova presently has a consensus rating of “Hold” and a consensus price target of $83.50.

Kellanova Price Performance

K opened at $83.44 on Friday. The firm has a 50 day moving average price of $83.19 and a 200 day moving average price of $81.06. The company has a market cap of $29.03 billion, a PE ratio of 22.92, a price-to-earnings-growth ratio of 11.61 and a beta of 0.23. Kellanova has a 1 year low of $76.48 and a 1 year high of $83.65. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.44 and a current ratio of 0.68.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.06. Kellanova had a net margin of 10.08% and a return on equity of 31.73%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the previous year, the company posted $0.91 earnings per share. Kellanova’s revenue was up .8% compared to the same quarter last year. Sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, December 1st. Kellanova’s dividend payout ratio is currently 63.74%.

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.