Alpine Associates Management Inc. Buys Shares of 316,700 Kellanova (NYSE:K)

Alpine Associates Management Inc. purchased a new stake in shares of Kellanova (NYSE:K - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 316,700 shares of the company's stock, valued at approximately $25,561,000. Kellanova comprises 1.2% of Alpine Associates Management Inc.'s investment portfolio, making the stock its 24th biggest holding. Alpine Associates Management Inc. owned 0.09% of Kellanova at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of K. Blue Trust Inc. increased its holdings in Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company's stock valued at $27,000 after buying an additional 170 shares in the last quarter. Family Firm Inc. purchased a new position in shares of Kellanova during the 2nd quarter worth $29,000. CVA Family Office LLC increased its holdings in Kellanova by 529.3% in the 3rd quarter. CVA Family Office LLC now owns 365 shares of the company's stock valued at $29,000 after purchasing an additional 307 shares during the last quarter. Newbridge Financial Services Group Inc. raised its position in Kellanova by 61.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company's stock valued at $30,000 after purchasing an additional 200 shares during the period. Finally, MCF Advisors LLC boosted its position in shares of Kellanova by 48.8% during the third quarter. MCF Advisors LLC now owns 418 shares of the company's stock worth $34,000 after buying an additional 137 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Trading Up 0.1 %

NYSE:K traded up $0.09 during trading hours on Wednesday, reaching $80.64. 645,515 shares of the company were exchanged, compared to its average volume of 3,021,435. The stock has a 50 day simple moving average of $80.73 and a 200 day simple moving average of $70.29. The firm has a market cap of $27.80 billion, a price-to-earnings ratio of 27.66, a PEG ratio of 2.59 and a beta of 0.39. Kellanova has a 52-week low of $51.02 and a 52-week high of $81.34. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. The business 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 was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.03 earnings per share. As a group, analysts predict that Kellanova will post 3.74 EPS for the current year.

Kellanova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 annualized dividend and a dividend yield of 2.83%. Kellanova's payout ratio is 78.35%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. The Goldman Sachs Group assumed coverage on Kellanova in a report on Monday, August 12th. They set a "neutral" rating and a $75.00 target price for the company. BNP Paribas lowered shares of Kellanova from an "outperform" rating to a "neutral" rating and set a $83.00 target price on the stock. in a report on Friday, November 1st. Argus lowered Kellanova from a "buy" rating to a "hold" rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their target price on Kellanova from $66.00 to $69.00 and gave the company a "neutral" rating in a report on Friday, August 2nd. Finally, Piper Sandler upped their price target on Kellanova from $63.00 to $83.50 and gave the stock a "neutral" rating in a report on Thursday, August 15th. Fifteen research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $76.35.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the completion of the sale, the insider now directly owns 50,482,855 shares in the company, valued at approximately $4,051,249,113.75. 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 994,464 shares of company stock worth $80,203,479 over the last quarter. 1.80% of the stock is currently owned by company insiders.

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.