Sand Grove Capital Management LLP Increases Stock Position in Kellanova (NYSE:K)

Sand Grove Capital Management LLP lifted its position in Kellanova (NYSE:K) by 10.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 277,937 shares of the company’s stock after purchasing an additional 26,991 shares during the quarter. Kellanova accounts for approximately 10.9% of Sand Grove Capital Management LLP’s holdings, making the stock its 4th biggest holding. Sand Grove Capital Management LLP owned approximately 0.08% of Kellanova worth $22,505,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in Kellanova during the 4th quarter worth about $285,126,000. Franklin Resources Inc. lifted its position in Kellanova by 869.5% during the 4th quarter. Franklin Resources Inc. now owns 2,579,058 shares of the company’s stock worth $208,826,000 after buying an additional 2,313,047 shares in the last quarter. FIL Ltd lifted its position in Kellanova by 182.3% during the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company’s stock worth $193,356,000 after buying an additional 1,542,000 shares in the last quarter. Barclays PLC lifted its position in Kellanova by 134.7% during the 3rd quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after buying an additional 1,033,383 shares in the last quarter. Finally, Tudor Investment Corp ET AL lifted its position in Kellanova by 136.0% during the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company’s stock worth $141,356,000 after buying an additional 1,006,100 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Friday, March 7th. The stock was sold at an average price of $82.55, for a total transaction of $9,458,826.65. Following the completion of the sale, the insider now owns 47,732,863 shares of the company’s stock, valued at approximately $3,940,347,840.65. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 1,260,413 shares of company stock valued at $103,786,990. 1.80% of the stock is owned by insiders.

Kellanova Price Performance

Shares of K opened at $82.28 on Friday. The stock has a market capitalization of $28.55 billion, a P/E ratio of 21.26, a P/E/G ratio of 4.21 and a beta of 0.30. Kellanova has a twelve month low of $55.96 and a twelve month high of $83.22. The company has a 50 day moving average of $82.37 and a 200-day moving average of $81.75. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.11). The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. Kellanova’s revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. As a group, equities research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Monday, June 2nd will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.77%. Kellanova’s payout ratio is presently 57.58%.

Analyst Ratings Changes

K has been the topic of a number of research reports. Royal Bank of Canada downgraded shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. StockNews.com downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Thirteen analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $79.41.

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.