Resona Asset Management Co. Ltd. Has $11.48 Million Stock Position in Kellanova $K

Resona Asset Management Co. Ltd. lessened its stake in shares of Kellanova (NYSE:K) by 15.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 144,455 shares of the company’s stock after selling 25,696 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Kellanova were worth $11,480,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Financial Network Wealth Advisors LLC bought a new stake in shares of Kellanova during the 1st quarter worth approximately $25,000. Trust Co. of Toledo NA OH acquired a new position in Kellanova during the second quarter worth $45,000. Dagco Inc. acquired a new position in Kellanova during the first quarter worth $49,000. Cypress Capital Management LLC WY bought a new stake in Kellanova during the first quarter worth $54,000. Finally, Capital Advisors Ltd. LLC lifted its stake in Kellanova by 32.7% in the second quarter. Capital Advisors Ltd. LLC now owns 718 shares of the company’s stock valued at $57,000 after acquiring an additional 177 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the transaction, the insider directly owned 45,097,438 shares of the company’s stock, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 343,765 shares of company stock valued at $27,455,360 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

K has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Kellanova from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. JPMorgan Chase & Co. initiated coverage on Kellanova in a research report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price target on the stock. Finally, Weiss Ratings lowered Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Four analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $83.50.

Kellanova Price Performance

Shares of NYSE K opened at $83.30 on Friday. The firm has a market cap of $28.98 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 5.16 and a beta of 0.23. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.42. The business’s 50 day moving average is $81.19 and its 200-day moving average is $80.90.

Kellanova (NYSE:K) last released its quarterly earnings results 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. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the company posted $0.91 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. Equities research analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

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

About Kellanova

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.