Bardin Hill Management Partners LP Buys New Position in Kellanova (NYSE:K)

Bardin Hill Management Partners LP acquired a new position in Kellanova (NYSE:K - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 129,053 shares of the company's stock, valued at approximately $10,416,000. Kellanova accounts for 4.9% of Bardin Hill Management Partners LP's portfolio, making the stock its 5th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of K. D. E. Shaw & Co. Inc. grew its holdings in shares of Kellanova by 766.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company's stock worth $108,532,000 after buying an additional 1,664,461 shares during the last quarter. Maverick Capital Ltd. acquired a new position in shares of Kellanova during the 2nd quarter worth approximately $88,065,000. Westchester Capital Management LLC acquired a new position in Kellanova in the 3rd quarter valued at $107,795,000. Point72 Asset Management L.P. purchased a new stake in shares of Kellanova during the 2nd quarter valued at $63,585,000. Finally, AQR Capital Management LLC grew its stake in shares of Kellanova by 130.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company's stock valued at $62,122,000 after buying an additional 608,989 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellanova Stock Up 0.1 %

Shares of K stock traded up $0.10 during mid-day trading on Monday, reaching $80.82. 1,148,558 shares of the company's stock traded hands, compared to its average volume of 2,985,058. The company's 50-day moving average price is $80.82 and its 200-day moving average price is $71.39. The company has a quick ratio of 0.53, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The company has a market cap of $27.86 billion, a P/E ratio of 27.71, a P/E/G ratio of 2.61 and a beta of 0.39. Kellanova has a 12 month low of $52.46 and a 12 month high of $81.34.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.85 by $0.06. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business's revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. On average, equities analysts expect that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a yield of 2.82%. Kellanova's payout ratio is 78.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Argus cut shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Wednesday, October 2nd. DA Davidson lowered shares of Kellanova from a "buy" rating to a "neutral" rating and raised their price objective for the company from $80.00 to $83.50 in a research note on Monday, August 26th. Royal Bank of Canada lowered shares of Kellanova from an "outperform" rating to a "sector perform" rating and lifted their price target for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. BNP Paribas lowered shares of Kellanova from an "outperform" rating to a "neutral" rating and set a $83.00 price target on the stock. in a research report on Friday, November 1st. Finally, The Goldman Sachs Group initiated coverage on shares of Kellanova in a research note on Monday, August 12th. They set a "neutral" rating and a $75.00 target price for the company. Fifteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $76.35.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $81.21, for a total transaction of $9,305,285.43. Following the completion of the transaction, the insider now directly owns 49,222,442 shares in the company, valued at approximately $3,997,354,514.82. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 1,145,830 shares of company stock worth $92,516,606 over the last quarter. Company insiders own 1.80% of the company's stock.

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.