Melqart Asset Management UK Ltd Takes Position in Kellanova (NYSE:K)

Melqart Asset Management UK Ltd purchased a new stake in shares of Kellanova (NYSE:K - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 484,631 shares of the company's stock, valued at approximately $39,241,000. Kellanova comprises about 4.7% of Melqart Asset Management UK Ltd's portfolio, making the stock its 7th biggest holding. Melqart Asset Management UK Ltd owned about 0.14% of Kellanova as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Kellanova in the 4th quarter worth approximately $285,126,000. Franklin Resources Inc. boosted its holdings in shares of Kellanova by 869.5% in the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company's stock worth $208,826,000 after purchasing an additional 2,313,047 shares during the period. FIL Ltd boosted its holdings in shares of Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock worth $193,356,000 after purchasing an additional 1,542,000 shares during the period. Barclays PLC increased its position in shares of Kellanova by 134.7% during the 3rd 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. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Kellanova by 107.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock valued at $102,187,000 after buying an additional 653,504 shares during the period. Institutional investors own 83.87% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. StockNews.com initiated coverage on shares of Kellanova in a research report on Monday, April 21st. They set a "buy" rating on the stock. Royal Bank of Canada downgraded Kellanova from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 14th. Thirteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $77.96.

Kellanova Stock Down 0.2 %

Kellanova stock opened at $82.59 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81. Kellanova has a fifty-two week low of $55.96 and a fifty-two week high of $83.22. The company has a market cap of $28.51 billion, a PE ratio of 21.34, a PEG ratio of 4.21 and a beta of 0.34. The business's 50-day simple moving average is $82.39 and its two-hundred day simple moving average is $81.59.

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

Kellanova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.76%. Kellanova's dividend payout ratio (DPR) is presently 58.91%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, April 21st. The stock was sold at an average price of $82.26, for a total transaction of $9,425,597.58. Following the transaction, the insider now owns 47,045,365 shares in the company, valued at $3,869,951,724.90. The trade was a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 1,260,413 shares of company stock worth $103,737,719 in the last ninety days. Company insiders own 1.80% of the company's stock.

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.

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