Retirement Systems of Alabama Reduces Position in Kellanova (NYSE:K)

Retirement Systems of Alabama cut its stake in shares of Kellanova (NYSE:KFree Report) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,776 shares of the company’s stock after selling 436 shares during the quarter. Retirement Systems of Alabama’s holdings in Kellanova were worth $4,766,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in K. Norges Bank purchased a new stake in shares of Kellanova during the fourth quarter valued at $285,126,000. Franklin Resources Inc. lifted its position in Kellanova by 869.5% during the fourth quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company’s stock valued at $208,826,000 after purchasing an additional 2,313,047 shares during the period. FIL Ltd lifted its position in Kellanova by 182.3% during the fourth quarter. FIL Ltd now owns 2,388,000 shares of the company’s stock valued at $193,356,000 after purchasing an additional 1,542,000 shares during the period. Tudor Investment Corp ET AL lifted its position in Kellanova by 136.0% during the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company’s stock valued at $141,356,000 after purchasing an additional 1,006,100 shares during the period. Finally, TIG Advisors LLC lifted its position in Kellanova by 76.5% during the fourth quarter. TIG Advisors LLC now owns 1,878,275 shares of the company’s stock valued at $152,084,000 after purchasing an additional 813,901 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $82.03, for a total value of $9,399,243.49. Following the sale, the insider now owns 47,274,531 shares in the company, valued at approximately $3,877,929,777.93. The trade was a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 1,374,996 shares of company stock worth $112,416,235. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on K. Royal Bank Of Canada downgraded shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Wall Street Zen downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Finally, 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. Fourteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Kellanova has an average rating of “Hold” and an average target price of $79.75.

View Our Latest Research Report on Kellanova

Kellanova Price Performance

Kellanova stock opened at $78.55 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. The stock has a market cap of $27.25 billion, a P/E ratio of 19.84, a PEG ratio of 4.12 and a beta of 0.30. The company has a 50-day moving average price of $81.80 and a 200 day moving average price of $81.82. Kellanova has a 12-month low of $55.96 and a 12-month high of $83.22.

Kellanova (NYSE:KGet Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The business had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 10.93% and a return on equity of 34.80%. Kellanova’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 EPS. Sell-side analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Monday, June 2nd were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.90%. Kellanova’s dividend payout ratio is presently 57.58%.

Kellanova Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Kellanova (NYSE:K)

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