OFI Invest Asset Management Buys 365 Shares of Kellanova $K

OFI Invest Asset Management increased its stake in shares of Kellanova (NYSE:K) by 41.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,250 shares of the company’s stock after acquiring an additional 365 shares during the quarter. OFI Invest Asset Management’s holdings in Kellanova were worth $99,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of K. GAMMA Investing LLC boosted its position in shares of Kellanova by 2.8% during the first quarter. GAMMA Investing LLC now owns 6,889 shares of the company’s stock worth $568,000 after acquiring an additional 186 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Kellanova by 1.1% during the first quarter. Fifth Third Bancorp now owns 18,264 shares of the company’s stock worth $1,507,000 after acquiring an additional 204 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Kellanova by 22.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company’s stock worth $1,637,000 after acquiring an additional 3,665 shares during the last quarter. Grove Bank & Trust bought a new position in shares of Kellanova during the first quarter worth $25,000. Finally, State of Alaska Department of Revenue boosted its position in shares of Kellanova by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 31,506 shares of the company’s stock worth $2,598,000 after acquiring an additional 850 shares during the last quarter. Institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

K stock opened at $82.85 on Monday. The company has a fifty day simple moving average of $79.95 and a two-hundred day simple moving average of $80.78. The firm has a market capitalization of $28.80 billion, a P/E ratio of 21.75, a price-to-earnings-growth ratio of 5.16 and a beta of 0.24. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. Kellanova has a 52 week low of $76.48 and a 52 week high of $83.22.

Kellanova (NYSE:K) last released its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.05). The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.Kellanova’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. Analysts anticipate that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.58 dividend. This is a boost from Kellanova’s previous quarterly dividend of $0.57. The ex-dividend date was Tuesday, September 2nd. This represents a $2.32 annualized dividend and a dividend yield of 2.8%. Kellanova’s dividend payout ratio (DPR) is 60.89%.

Analyst Upgrades and Downgrades

K has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on shares of Kellanova in a research report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 target price for the company. Weiss Ratings upgraded shares of Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $83.38.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the transaction, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 572,931 shares of company stock valued at $45,755,411. 1.80% of the stock is currently owned by company insiders.

About Kellanova

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.