Gardner Lewis Asset Management L P Makes New Investment in Kellanova (NYSE:K)

Gardner Lewis Asset Management L P purchased a new position in shares of Kellanova (NYSE:K - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,962 shares of the company's stock, valued at approximately $888,000.

Several other institutional investors have also recently made changes to their positions in K. Vanguard Group Inc. raised its stake 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 buying an additional 281,137 shares in the last quarter. State Street Corp raised its position in shares of Kellanova by 5.2% in the 3rd quarter. State Street Corp now owns 14,725,420 shares of the company's stock worth $1,188,489,000 after acquiring an additional 731,273 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Kellanova by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 6,725,532 shares of the company's stock worth $541,052,000 after purchasing an additional 196,564 shares during the last quarter. Norges Bank bought a new stake in Kellanova during the fourth quarter valued at about $285,126,000. Finally, Barclays PLC grew its stake in Kellanova by 134.7% in the third quarter. Barclays PLC now owns 1,800,363 shares of the company's stock valued at $145,309,000 after purchasing an additional 1,033,383 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank of Canada lowered shares of Kellanova from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 14th. StockNews.com started coverage on shares of Kellanova in a research report on Friday. They set a "hold" rating for the company. Fourteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Kellanova currently has a consensus rating of "Hold" and an average target price of $77.96.

Remove Ads

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's 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 sale, the insider now directly owns 48,534,944 shares in the company, valued at approximately $3,951,715,140.48. The trade was a 0.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 1,260,413 shares of company stock valued at $103,473,032. 1.80% of the stock is currently owned by company insiders.

Kellanova Price Performance

Shares of Kellanova stock traded down $0.04 during mid-day trading on Tuesday, reaching $82.46. 1,013,221 shares of the stock traded hands, compared to its average volume of 2,667,539. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average of $82.25 and a 200 day moving average of $81.36. The stock has a market capitalization of $28.46 billion, a PE ratio of 21.31, a PEG ratio of 4.21 and a beta of 0.31. Kellanova has a fifty-two week low of $55.01 and a fifty-two week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last posted 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 return on equity of 37.25% and a net margin of 10.53%. On average, analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

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