Wolverine Asset Management LLC Increases Stock Holdings in Kellanova (NYSE:K)

Wolverine Asset Management LLC lifted its position in Kellanova (NYSE:K) by 5.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,576 shares of the company’s stock after purchasing an additional 2,100 shares during the quarter. Wolverine Asset Management LLC’s holdings in Kellanova were worth $3,265,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Grove Bank & Trust purchased a new position in Kellanova during the first quarter worth about $25,000. MorganRosel Wealth Management LLC purchased a new position in Kellanova during the first quarter worth about $27,000. Accredited Wealth Management LLC purchased a new position in Kellanova during the fourth quarter worth about $36,000. Minot DeBlois Advisors LLC purchased a new position in Kellanova during the fourth quarter worth about $42,000. Finally, EQ Wealth Advisors LLC purchased a new position in Kellanova during the first quarter worth about $49,000. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on K. Wall Street Zen lowered shares of Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. Citigroup raised shares of Kellanova to a “neutral” rating and set a $83.50 target price for the company in a research note on Thursday, May 29th. Twelve analysts have rated the stock with a hold rating, According to data from MarketBeat, Kellanova has an average rating of “Hold” and a consensus target price of $81.80.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $79.79, for a total value of $9,142,577.57. Following the sale, the insider owned 45,555,786 shares of the company’s stock, valued at $3,634,896,164.94. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,260,413 shares of company stock valued at $101,431,163 over the last 90 days. 1.80% of the stock is owned by company insiders.

Kellanova Stock Down 0.0%

Shares of K opened at $80.07 on Friday. The company’s 50-day simple moving average is $79.99 and its 200-day simple moving average is $81.51. The stock has a market capitalization of $27.84 billion, a PE ratio of 21.01, a P/E/G ratio of 4.97 and a beta of 0.27. Kellanova has a 1 year low of $72.92 and a 1 year high of $83.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68.

Kellanova (NYSE:K) last issued its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. Analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.58 dividend. This is a boost from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. Kellanova’s dividend payout ratio (DPR) 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.