Franklin Resources Inc. Purchases 2,313,047 Shares of Kellanova (NYSE:K)

Franklin Resources Inc. lifted its stake in Kellanova (NYSE:K - Free Report) by 869.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,579,058 shares of the company's stock after acquiring an additional 2,313,047 shares during the quarter. Franklin Resources Inc. owned 0.75% of Kellanova worth $208,826,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in K. Oregon Public Employees Retirement Fund grew its stake in shares of Kellanova by 0.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,091 shares of the company's stock valued at $1,870,000 after purchasing an additional 130 shares during the period. Quent Capital LLC boosted its holdings in shares of Kellanova by 20.2% in the fourth quarter. Quent Capital LLC now owns 833 shares of the company's stock worth $67,000 after buying an additional 140 shares during the last quarter. Sanctuary Advisors LLC grew its position in Kellanova by 1.7% during the third quarter. Sanctuary Advisors LLC now owns 8,502 shares of the company's stock valued at $690,000 after buying an additional 145 shares during the period. SPC Financial Inc. increased its holdings in Kellanova by 5.7% during the fourth quarter. SPC Financial Inc. now owns 2,976 shares of the company's stock valued at $241,000 after buying an additional 160 shares during the last quarter. Finally, CENTRAL TRUST Co raised its position in Kellanova by 0.7% in the fourth quarter. CENTRAL TRUST Co now owns 22,480 shares of the company's stock worth $1,820,000 after acquiring an additional 162 shares during the period. 83.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on K. StockNews.com began coverage on Kellanova in a report on Saturday. They issued a "hold" rating on the stock. Royal Bank of Canada downgraded Kellanova from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 14th. Fourteen analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Kellanova has a consensus rating of "Hold" and a consensus price target of $77.96.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $81.42, for a total value of $9,329,347.86. Following the completion of the transaction, the insider now owns 48,534,944 shares of the company's stock, valued at approximately $3,951,715,140.48. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 1,260,413 shares of company stock valued at $103,473,032 in the last ninety days. Corporate insiders own 1.80% of the company's stock.

Kellanova Price Performance

Shares of K stock traded down $0.30 during mid-day trading on Friday, hitting $82.25. The company had a trading volume of 5,082,449 shares, compared to its average volume of 2,678,345. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. The stock's 50 day moving average price is $82.31 and its 200-day moving average price is $81.40. Kellanova has a 52-week low of $55.01 and a 52-week high of $83.22. The company has a market capitalization of $28.39 billion, a P/E ratio of 21.25, a P/E/G ratio of 4.21 and a beta of 0.34.

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

Kellanova Dividend Announcement

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

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.