Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Holdings in Kellanova (NYSE:K)

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Kellanova (NYSE:K) by 19.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,949 shares of the company’s stock after acquiring an additional 5,989 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Kellanova were worth $2,131,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. Bfsg LLC raised its position in shares of Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares in the last quarter. Family Firm Inc. purchased a new stake in shares of Kellanova during the second quarter valued at about $29,000. BNP Paribas bought a new position in shares of Kellanova during the 1st quarter worth approximately $30,000. Finally, Motco lifted its position in Kellanova by 757.6% during the fourth quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 83.87% of the company’s stock.

Analyst Ratings Changes

K has been the topic of several research analyst reports. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $62.00 to $70.00 in a research note on Friday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of Kellanova from $66.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. TD Cowen lifted their price objective on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Finally, Evercore ISI upgraded Kellanova to a “hold” rating in a research note on Friday, August 2nd. Fourteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $74.32.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $57.89, for a total transaction of $4,503,842.00. Following the completion of the transaction, the insider now directly owns 51,375,438 shares of the company’s stock, valued at approximately $2,974,124,105.82. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 855,800 shares of company stock worth $55,663,566 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Kellanova Trading Up 0.1 %

Shares of NYSE:K opened at $80.61 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.97. The business has a 50 day moving average of $65.38 and a two-hundred day moving average of $60.34. The company has a market capitalization of $27.56 billion, a PE ratio of 30.19, a PEG ratio of 2.22 and a beta of 0.34.

Kellanova (NYSE:K) last posted its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 EPS. As a group, analysts forecast that Kellanova will post 3.68 EPS for the current year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. Kellanova’s dividend payout ratio (DPR) is 85.39%.

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.