KLP Kapitalforvaltning AS Raises Stock Position in Kellanova $K

KLP Kapitalforvaltning AS grew its holdings in shares of Kellanova (NYSE:K) by 4.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 201,618 shares of the company’s stock after buying an additional 7,900 shares during the quarter. KLP Kapitalforvaltning AS owned 0.06% of Kellanova worth $16,537,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Kellanova during the second quarter valued at approximately $294,749,000. LMR Partners LLP increased its position in shares of Kellanova by 1,866.3% during the 2nd quarter. LMR Partners LLP now owns 961,906 shares of the company’s stock valued at $76,500,000 after purchasing an additional 912,986 shares during the last quarter. Bank of America Corp DE raised its holdings in Kellanova by 21.6% during the 2nd quarter. Bank of America Corp DE now owns 4,055,514 shares of the company’s stock valued at $322,535,000 after buying an additional 720,218 shares during the period. Qube Research & Technologies Ltd lifted its position in Kellanova by 31.2% in the second quarter. Qube Research & Technologies Ltd now owns 2,854,716 shares of the company’s stock worth $227,036,000 after buying an additional 679,692 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Kellanova by 2.0% during the second quarter. Vanguard Group Inc. now owns 33,356,883 shares of the company’s stock worth $2,652,873,000 after buying an additional 661,535 shares during the period. Institutional investors own 83.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on K. Wall Street Zen raised shares of Kellanova from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Weiss Ratings lowered shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.50.

Kellanova Stock Performance

NYSE K opened at $83.44 on Friday. The stock has a market cap of $29.03 billion, a PE ratio of 22.92, a PEG ratio of 11.61 and a beta of 0.23. Kellanova has a 12 month low of $76.48 and a 12 month high of $83.65. The company’s 50-day moving average price is $83.38 and its 200-day moving average price is $81.36. The company has a current ratio of 0.68, a quick ratio of 0.44 and a debt-to-equity ratio of 1.01.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.06. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Kellanova had a net margin of 10.08% and a return on equity of 31.73%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. Equities research analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. Kellanova’s payout ratio is 63.74%.

About Kellanova

Kellanova (NYSE: K) is a global consumer foods company formed from the reorganization of the historic Kellogg business. The company focuses on the manufacture, marketing and distribution of packaged food products across several categories, with an emphasis on snacks, ready-to-eat cereals, frozen breakfast and other convenience foods. Kellanova’s operations draw on a long consumer-brands heritage and a portfolio designed to reach everyday retail and snack occasions around the world.

Kellanova’s activities include product development, manufacturing, marketing and global supply-chain management for branded food products.