Retirement Systems of Alabama Lowers Stake in Kellanova (NYSE:K)

Retirement Systems of Alabama cut its position in shares of Kellanova (NYSE:K) by 0.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 383,025 shares of the company’s stock after selling 1,478 shares during the quarter. Retirement Systems of Alabama’s holdings in Kellanova were worth $21,415,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of Kellanova by 29.4% during the 3rd quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock valued at $296,971,000 after acquiring an additional 1,132,485 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Kellanova by 27.4% in the third quarter. Van ECK Associates Corp now owns 4,890,952 shares of the company’s stock worth $291,061,000 after buying an additional 1,051,922 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Kellanova by 738.6% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 420,781 shares of the company’s stock valued at $23,522,000 after buying an additional 370,607 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Kellanova by 27.4% during the 3rd quarter. Deutsche Bank AG now owns 1,607,621 shares of the company’s stock valued at $95,670,000 after buying an additional 345,830 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Kellanova by 8.7% during the 3rd quarter. Northern Trust Corp now owns 4,116,944 shares of the company’s stock valued at $244,999,000 after buying an additional 328,658 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Trading Up 0.8 %

NYSE K opened at $58.21 on Tuesday. 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 has a one year low of $47.63 and a one year high of $72.30. The company has a 50-day simple moving average of $56.02 and a 200-day simple moving average of $54.40. The firm has a market capitalization of $19.89 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 2.21 and a beta of 0.40.

Kellanova (NYSE:K) last issued its earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The firm had revenue of $3.17 billion for 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 revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $0.94 earnings per share. On average, equities analysts forecast that Kellanova will post 3.57 earnings per share for the current year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.85%. Kellanova’s dividend payout ratio is currently 81.45%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on K shares. JPMorgan Chase & Co. upped their target price on shares of Kellanova from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Barclays boosted their price target on Kellanova from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Wells Fargo & Company raised their price objective on Kellanova from $56.00 to $58.00 and gave the company an “equal weight” rating in a research note on Friday, February 9th. Stifel Nicolaus lifted their price objective on Kellanova from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Finally, Piper Sandler increased 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. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Kellanova currently has an average rating of “Hold” and a consensus price target of $62.27.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $53.67, for a total value of $4,175,526.00. Following the sale, the insider now owns 52,620,238 shares of the company’s stock, valued at approximately $2,824,128,173.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 933,600 shares of company stock worth $51,891,044 in the last three months. 1.80% of the stock is owned by insiders.

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.