Rafferty Asset Management LLC Acquires 2,630 Shares of Kellanova (NYSE:K)

Rafferty Asset Management LLC boosted its position in Kellanova (NYSE:K) by 12.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,338 shares of the company’s stock after acquiring an additional 2,630 shares during the period. Rafferty Asset Management LLC’s holdings in Kellanova were worth $1,890,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in K. Barclays PLC boosted its holdings in Kellanova by 134.7% in the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after acquiring an additional 1,033,383 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Kellanova by 2.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 17,288 shares of the company’s stock worth $1,400,000 after purchasing an additional 354 shares during the last quarter. Merit Financial Group LLC raised its stake in shares of Kellanova by 29.8% in the fourth quarter. Merit Financial Group LLC now owns 4,952 shares of the company’s stock worth $401,000 after purchasing an additional 1,138 shares during the last quarter. HB Wealth Management LLC raised its stake in shares of Kellanova by 13.1% in the fourth quarter. HB Wealth Management LLC now owns 6,743 shares of the company’s stock worth $546,000 after purchasing an additional 782 shares during the last quarter. Finally, Atomi Financial Group Inc. raised its stake in shares of Kellanova by 13.9% in the fourth quarter. Atomi Financial Group Inc. now owns 3,631 shares of the company’s stock worth $294,000 after purchasing an additional 444 shares during the last quarter. Institutional investors own 83.87% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on K shares. StockNews.com downgraded Kellanova from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. Royal Bank of Canada downgraded Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Thirteen research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Kellanova presently has a consensus rating of “Hold” and an average price target of $79.41.

Kellanova Price Performance

Kellanova stock opened at $82.50 on Wednesday. The firm has a market capitalization of $28.62 billion, a P/E ratio of 21.32, a PEG ratio of 4.21 and a beta of 0.30. Kellanova has a one year low of $55.96 and a one year high of $83.22. The business has a fifty day moving average price of $82.37 and a 200-day moving average price of $81.78. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) 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 net margin of 10.53% and a return on equity of 37.25%. Kellanova’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 EPS. As a group, equities research analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.76%. Kellanova’s dividend payout ratio (DPR) is currently 57.58%.

Kellanova Company 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.