Sand Grove Capital Management LLP Invests $20.25 Million in Kellanova (NYSE:K)

Sand Grove Capital Management LLP bought a new position in Kellanova (NYSE:K - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 250,946 shares of the company's stock, valued at approximately $20,254,000. Kellanova accounts for 7.9% of Sand Grove Capital Management LLP's investment portfolio, making the stock its 5th biggest holding. Sand Grove Capital Management LLP owned approximately 0.07% of Kellanova at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quantinno Capital Management LP increased its stake in shares of Kellanova by 15.9% in the third quarter. Quantinno Capital Management LP now owns 97,504 shares of the company's stock valued at $7,870,000 after buying an additional 13,348 shares in the last quarter. Quarry LP boosted its position in Kellanova by 2,355.7% in the 3rd quarter. Quarry LP now owns 29,075 shares of the company's stock valued at $2,347,000 after buying an additional 27,891 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new stake in shares of Kellanova in the 3rd quarter valued at $2,018,000. Ingalls & Snyder LLC bought a new position in shares of Kellanova in the 3rd quarter valued at about $261,000. Finally, Ilex Capital Partners UK LLP grew its holdings in Kellanova by 63.8% during the 3rd quarter. Ilex Capital Partners UK LLP now owns 1,624,222 shares of the company's stock worth $131,091,000 after acquiring an additional 632,510 shares during the period. Institutional investors own 83.87% of the company's stock.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now owns 50,368,272 shares in the company, valued at $4,062,201,136.80. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on K. Piper Sandler increased their price target on Kellanova from $63.00 to $83.50 and gave the company a "neutral" rating in a research report on Thursday, August 15th. Stifel Nicolaus increased their price target on shares of Kellanova from $64.00 to $76.00 and gave the company a "hold" rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Kellanova from $76.00 to $83.50 and gave the company a "hold" rating in a report on Thursday, August 15th. Royal Bank of Canada cut Kellanova from an "outperform" rating to a "sector perform" rating and boosted their price target for the company from $76.00 to $83.50 in a research note on Thursday, August 15th. Finally, Argus downgraded shares of Kellanova from a "buy" rating to a "hold" rating in a report on Wednesday, October 2nd. Fifteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Kellanova has a consensus rating of "Hold" and an average target price of $76.35.

Kellanova Stock Up 0.2 %

Shares of K stock traded up $0.20 during midday trading on Thursday, reaching $80.69. 529,886 shares of the stock were exchanged, compared to its average volume of 2,969,305. The firm has a market cap of $27.81 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 2.59 and a beta of 0.38. The company's 50 day moving average is $80.82 and its two-hundred day moving average is $71.78. Kellanova has a 1 year low of $52.46 and a 1 year high of $81.34. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34.

Kellanova (NYSE:K - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the business earned $1.03 earnings per share. The business's revenue was down .7% on a year-over-year basis. On average, equities research analysts predict that Kellanova will post 3.74 EPS for the current 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 given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova's dividend payout ratio (DPR) is 78.35%.

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.