Adage Capital Partners GP L.L.C. Buys 653,504 Shares of Kellanova (NYSE:K)

Adage Capital Partners GP L.L.C. grew its stake in Kellanova (NYSE:K - Free Report) by 107.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,262,032 shares of the company's stock after buying an additional 653,504 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.37% of Kellanova worth $102,187,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Kellanova by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company's stock worth $2,626,322,000 after acquiring an additional 281,137 shares in the last quarter. Geode Capital Management LLC lifted its stake in Kellanova by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company's stock worth $556,014,000 after purchasing an additional 158,560 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Kellanova by 2.7% in the 4th quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock worth $337,489,000 after purchasing an additional 111,396 shares in the last quarter. Norges Bank bought a new position in shares of Kellanova during the 4th quarter valued at about $285,126,000. Finally, Franklin Resources Inc. raised its holdings in shares of Kellanova by 869.5% during the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock valued at $208,826,000 after buying an additional 2,313,047 shares in the last quarter. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Performance

Kellanova stock opened at $82.59 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29. The firm has a market cap of $28.51 billion, a P/E ratio of 21.34, a P/E/G ratio of 4.21 and a beta of 0.34. Kellanova has a 1-year low of $55.96 and a 1-year high of $83.22. The firm has a 50-day moving average of $82.37 and a 200-day moving average of $81.54.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. Sell-side analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, March 3rd were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend was Monday, March 3rd. Kellanova's payout ratio is currently 58.91%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. StockNews.com began coverage on Kellanova in a research note on Monday. They issued a "buy" rating for the company. Royal Bank of Canada lowered shares of Kellanova from a "moderate buy" rating to a "hold" rating in a report on Friday, March 14th. Thirteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Kellanova presently has a consensus rating of "Hold" and an average price target of $77.96.

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 Monday, February 10th. The stock was sold at an average price of $82.23, for a total transaction of $9,422,160.09. Following the sale, the insider now directly owns 48,191,195 shares in the company, valued at $3,962,761,964.85. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 1,260,413 shares of company stock worth $103,737,719. 1.80% of the stock is currently owned by corporate insiders.

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.

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