Assenagon Asset Management S.A. Reduces Stock Holdings in Kellanova (NYSE:K)

Assenagon Asset Management S.A. trimmed its holdings in shares of Kellanova (NYSE:KFree Report) by 93.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,332 shares of the company’s stock after selling 313,599 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Kellanova were worth $1,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in K. New Mexico Educational Retirement Board grew its stake in Kellanova by 7.2% during the 3rd quarter. New Mexico Educational Retirement Board now owns 13,340 shares of the company’s stock worth $794,000 after buying an additional 900 shares during the last quarter. FDx Advisors Inc. purchased a new stake in Kellanova during the 3rd quarter valued at about $408,000. Empirical Finance LLC grew its stake in Kellanova by 10.6% during the 3rd quarter. Empirical Finance LLC now owns 8,822 shares of the company’s stock valued at $525,000 after purchasing an additional 848 shares during the last quarter. Capital Investment Advisory Services LLC grew its stake in Kellanova by 14.4% during the 3rd quarter. Capital Investment Advisory Services LLC now owns 5,389 shares of the company’s stock valued at $321,000 after purchasing an additional 677 shares during the last quarter. Finally, Coldstream Capital Management Inc. grew its stake in Kellanova by 18.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,688 shares of the company’s stock valued at $219,000 after purchasing an additional 581 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $62.31, for a total transaction of $4,847,718.00. Following the transaction, the insider now owns 51,686,638 shares in the company, valued at approximately $3,220,594,413.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the sale, the senior vice president now owns 26,191 shares in the company, valued at approximately $1,572,769.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $62.31, for a total value of $4,847,718.00. Following the completion of the sale, the insider now directly owns 51,686,638 shares in the company, valued at approximately $3,220,594,413.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,021,200 shares of company stock worth $58,544,044. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Citigroup assumed coverage on Kellanova in a research note on Thursday, February 1st. They issued a “neutral” rating and a $57.00 target price on the stock. StockNews.com cut Kellanova from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Piper Sandler upped their price target on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. JPMorgan Chase & Co. upped their price target on Kellanova from $59.00 to $66.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Finally, TD Cowen upped their price target on Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Kellanova currently has a consensus rating of “Hold” and a consensus target price of $61.85.

Read Our Latest Report on K

Kellanova Stock Performance

Shares of Kellanova stock traded up $0.17 on Tuesday, hitting $62.25. The stock had a trading volume of 1,445,623 shares, compared to its average volume of 3,132,778. The stock has a market cap of $21.28 billion, a price-to-earnings ratio of 23.29, a P/E/G ratio of 2.18 and a beta of 0.39. Kellanova has a 52-week low of $47.63 and a 52-week high of $69.61. The company’s 50 day moving average price is $57.81 and its 200 day moving average price is $55.53. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34.

Kellanova (NYSE:KGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a return on equity of 37.07% and a net margin of 6.41%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.10 EPS. On average, research analysts anticipate that Kellanova will post 3.62 EPS for the current year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend is Monday, June 3rd. Kellanova’s payout ratio is 83.90%.

Kellanova Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Kellanova (NYSE:K)

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