Beutel Goodman & Co Ltd. Sells 4,934,328 Shares of Kellanova (NYSE:K)

Beutel Goodman & Co Ltd. reduced its stake in Kellanova (NYSE:K - Free Report) by 77.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,398,212 shares of the company's stock after selling 4,934,328 shares during the quarter. Beutel Goodman & Co Ltd. owned about 0.41% of Kellanova worth $113,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Allstate Corp purchased a new stake in Kellanova in the fourth quarter worth approximately $661,000. Gardner Lewis Asset Management L P bought a new stake in shares of Kellanova in the 4th quarter worth approximately $888,000. Highbridge Capital Management LLC boosted its stake in shares of Kellanova by 42.3% in the 4th quarter. Highbridge Capital Management LLC now owns 372,370 shares of the company's stock valued at $30,151,000 after purchasing an additional 110,633 shares in the last quarter. DnB Asset Management AS grew its holdings in shares of Kellanova by 9.1% during the 4th quarter. DnB Asset Management AS now owns 62,545 shares of the company's stock valued at $5,064,000 after purchasing an additional 5,242 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in Kellanova by 12.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 164,657 shares of the company's stock worth $13,332,000 after purchasing an additional 18,045 shares during the period. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $81.28, for a total transaction of $9,313,306.24. Following the sale, the insider now directly owns 48,649,527 shares of the company's stock, valued at $3,954,233,554.56. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 1,260,413 shares of company stock valued at $103,473,032. Insiders own 1.80% of the company's stock.

Remove Ads

Analyst Ratings Changes

K has been the subject of a number of recent research reports. Royal Bank of Canada lowered Kellanova from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 14th. StockNews.com began coverage on Kellanova in a research note on Friday. They set a "hold" rating for the company. Fourteen research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $77.96.

Kellanova Stock Down 0.1 %

K traded down $0.05 during midday trading on Tuesday, reaching $82.45. The company's stock had a trading volume of 2,316,585 shares, compared to its average volume of 2,672,533. Kellanova has a 1 year low of $55.01 and a 1 year high of $83.22. The stock's 50-day moving average is $82.25 and its 200-day moving average is $81.36. The firm has a market capitalization of $28.46 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 4.21 and a beta of 0.31. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29.

Kellanova (NYSE:K - Get Free Report) last posted its quarterly earnings results 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%. As a group, research analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.77%. The ex-dividend date was Monday, March 3rd. Kellanova's dividend payout ratio (DPR) is 58.91%.

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.