E. Ohman J or Asset Management AB Cuts Stake in Kellanova (NYSE:K)

E. Ohman J or Asset Management AB lowered its stake in shares of Kellanova (NYSE:K) by 12.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 11,050 shares of the company’s stock after selling 1,550 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Kellanova were worth $912,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Merit Financial Group LLC increased its holdings in shares of Kellanova by 26.6% in the first quarter. Merit Financial Group LLC now owns 6,268 shares of the company’s stock worth $517,000 after purchasing an additional 1,316 shares during the last quarter. NBC Securities Inc. grew its holdings in Kellanova by 109,600.0% during the 1st quarter. NBC Securities Inc. now owns 4,388 shares of the company’s stock valued at $361,000 after buying an additional 4,384 shares in the last quarter. Czech National Bank increased its stake in Kellanova by 5.9% in the 1st quarter. Czech National Bank now owns 61,754 shares of the company’s stock worth $5,094,000 after acquiring an additional 3,458 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Kellanova by 10.8% during the 1st quarter. Rhumbline Advisers now owns 694,801 shares of the company’s stock worth $57,314,000 after acquiring an additional 67,465 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Kellanova by 8,377.9% during the 1st quarter. GAMMA Investing LLC now owns 568,274 shares of the company’s stock valued at $46,877,000 after acquiring an additional 561,571 shares during the last quarter. Institutional investors own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on K. Royal Bank of Canada cut shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Citigroup raised shares of Kellanova to a “neutral” rating and set a $83.50 price objective for the company in a research note on Thursday, May 29th. Finally, Wall Street Zen cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Fourteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $79.75.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $82.31, for a total transaction of $9,431,326.73. Following the completion of the sale, the insider now owns 47,503,697 shares in the company, valued at $3,910,029,300.07. This trade represents a 0.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 1,260,413 shares of company stock valued at $103,715,948 in the last quarter. 1.80% of the stock is owned by insiders.

Kellanova Stock Performance

Shares of NYSE:K opened at $82.06 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.29. Kellanova has a 12 month low of $55.96 and a 12 month high of $83.22. The company has a market capitalization of $28.47 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 4.21 and a beta of 0.30. The firm’s 50-day moving average is $82.33 and its 200 day moving average is $81.91.

Kellanova (NYSE:K) last announced its earnings results 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 analysts’ expectations of $3.16 billion. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.01 EPS. Research analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.78%. Kellanova’s payout ratio is currently 57.58%.

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.