Water Island Capital LLC Raises Holdings in Kellanova (NYSE:K)

Water Island Capital LLC lifted its stake in shares of Kellanova (NYSE:K - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 645,072 shares of the company's stock after acquiring an additional 25,288 shares during the period. Kellanova accounts for approximately 5.6% of Water Island Capital LLC's portfolio, making the stock its 3rd biggest holding. Water Island Capital LLC owned 0.19% of Kellanova worth $52,231,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new position in shares of Kellanova during the 4th quarter worth $27,000. BankPlus Trust Department purchased a new position in Kellanova during the fourth quarter worth about $28,000. Rialto Wealth Management LLC acquired a new stake in Kellanova in the 4th quarter worth about $32,000. Flagship Wealth Advisors LLC purchased a new stake in Kellanova in the 4th quarter valued at about $32,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Kellanova by 64.8% during the 4th quarter. First Horizon Advisors Inc. now owns 440 shares of the company's stock valued at $36,000 after acquiring an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently 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 initiated coverage on Kellanova in a report on Sunday. They set a "hold" rating for the company. Fourteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, Kellanova currently has an average rating of "Hold" and an average target price of $77.96.

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Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $82.41, for a total value of $9,442,785.03. Following the sale, the insider now owns 47,159,948 shares in the company, valued at approximately $3,886,451,314.68. This represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 1,260,413 shares of company stock worth $103,672,407. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Stock Down 0.2 %

Shares of NYSE K traded down $0.14 on Tuesday, hitting $82.31. The company had a trading volume of 1,372,325 shares, compared to its average volume of 2,729,880. The firm has a market capitalization of $28.41 billion, a P/E ratio of 21.27, a PEG ratio of 4.21 and a beta of 0.34. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. Kellanova has a 12-month low of $55.01 and a 12-month high of $83.22. The business has a 50 day moving average of $82.35 and a two-hundred day moving average of $81.48.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates 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, equities research analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Announces Dividend

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