Naples Global Advisors LLC Raises Stake in Kellanova (NYSE:K)

Naples Global Advisors LLC increased its stake in Kellanova (NYSE:K) by 27.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,556 shares of the company’s stock after purchasing an additional 3,160 shares during the quarter. Naples Global Advisors LLC’s holdings in Kellanova were worth $840,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Intech Investment Management LLC increased its holdings in Kellanova by 10.1% during the 4th quarter. Intech Investment Management LLC now owns 263,880 shares of the company’s stock valued at $14,754,000 after acquiring an additional 24,124 shares in the last quarter. Jump Financial LLC purchased a new stake in Kellanova in the 4th quarter valued at approximately $8,178,000. International Assets Investment Management LLC grew its holdings in Kellanova by 133.4% during the 4th quarter. International Assets Investment Management LLC now owns 60,885 shares of the company’s stock valued at $3,404,000 after buying an additional 34,800 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in Kellanova by 4.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock worth $14,705,000 after buying an additional 10,676 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Kellanova by 498.7% in the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock valued at $15,049,000 after acquiring an additional 217,320 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on K. Stifel Nicolaus lifted their price objective on Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. The Goldman Sachs Group assumed coverage on shares of Kellanova in a research note on Monday, August 12th. They set a “neutral” rating and a $75.00 price objective on the stock. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 target price for the company in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their target price on Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Bank of America raised Kellanova from a “neutral” rating to a “buy” rating and raised their price target for the stock from $62.00 to $70.00 in a research note on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.57.

Kellanova Trading Up 0.0 %

Shares of K stock traded up $0.01 during mid-day trading on Friday, reaching $80.29. The company’s stock had a trading volume of 7,353,612 shares, compared to its average volume of 3,302,036. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $27.45 billion, a PE ratio of 30.07, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. The company’s 50 day simple moving average is $61.42 and its 200-day simple moving average is $58.72. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.46.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.25 earnings per share. On average, research analysts predict that Kellanova will post 3.68 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.84%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. The ex-dividend date is Tuesday, September 3rd. Kellanova’s dividend payout ratio (DPR) is presently 85.39%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $60.16, for a total value of $4,680,448.00. Following the sale, the insider now directly owns 51,531,038 shares of the company’s stock, valued at $3,100,107,246.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 855,800 shares of company stock valued at $52,647,260 in the last quarter. Company insiders own 1.80% of the company’s stock.

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.