Quarry LP Raises Stock Position in Kellanova (NYSE:K)

Quarry LP lifted its stake in shares of Kellanova (NYSE:K - Free Report) by 2,355.7% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 29,075 shares of the company's stock after buying an additional 27,891 shares during the quarter. Quarry LP's holdings in Kellanova were worth $2,347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP boosted its holdings in Kellanova by 11.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company's stock valued at $150,909,000 after purchasing an additional 277,171 shares during the period. Yacktman Asset Management LP raised its position in shares of Kellanova by 0.5% in the second quarter. Yacktman Asset Management LP now owns 2,141,913 shares of the company's stock valued at $123,546,000 after buying an additional 10,510 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in shares of Kellanova by 766.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company's stock valued at $108,532,000 after buying an additional 1,664,461 shares during the period. Charles Schwab Investment Management Inc. grew its position in Kellanova by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,630,609 shares of the company's stock worth $131,606,000 after buying an additional 35,268 shares in the last quarter. Finally, Ilex Capital Partners UK LLP increased its stake in Kellanova by 63.8% during the 3rd quarter. Ilex Capital Partners UK LLP now owns 1,624,222 shares of the company's stock worth $131,091,000 after acquiring an additional 632,510 shares during the period. Institutional investors own 83.87% of the company's stock.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $81.21, for a total value of $9,305,285.43. Following the completion of the sale, the insider now directly owns 49,222,442 shares of the company's stock, valued at $3,997,354,514.82. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 1,145,830 shares of company stock valued at $92,516,606 over the last 90 days. 1.80% of the stock is owned by insiders.

Analysts Set New Price Targets

K has been the subject of several recent analyst reports. DA Davidson downgraded Kellanova from a "buy" rating to a "neutral" rating and raised their target price for the company from $80.00 to $83.50 in a report on Monday, August 26th. Stifel Nicolaus raised their price objective on Kellanova from $64.00 to $76.00 and gave the company a "hold" rating in a research note on Monday, August 12th. The Goldman Sachs Group began coverage on Kellanova in a research report on Monday, August 12th. They issued a "neutral" rating and a $75.00 target price on the stock. Royal Bank of Canada cut shares of Kellanova from an "outperform" rating to a "sector perform" rating and increased their target price for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. Finally, Piper Sandler lifted their price target on shares of Kellanova from $63.00 to $83.50 and gave the company a "neutral" rating in a report on Thursday, August 15th. Fifteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Kellanova currently has a consensus rating of "Hold" and a consensus price target of $76.35.

Kellanova Stock Performance

Shares of NYSE K traded up $0.15 during midday trading on Thursday, hitting $80.64. The company's stock had a trading volume of 387,982 shares, compared to its average volume of 2,968,864. The firm has a market capitalization of $27.80 billion, a price-to-earnings ratio of 27.65, a P/E/G ratio of 2.59 and a beta of 0.38. The stock has a fifty day moving average price of $80.82 and a 200 day moving average price of $71.78. Kellanova has a one year low of $52.46 and a one year high of $81.34. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34.

Kellanova (NYSE:K - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the firm posted $1.03 EPS. Kellanova's revenue was down .7% on a year-over-year basis. On average, research analysts forecast that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be given a $0.57 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.28 annualized dividend and a yield of 2.83%. Kellanova's dividend payout ratio (DPR) is presently 78.35%.

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.