Handelsbanken Fonder AB Buys 40,656 Shares of Kellanova (NYSE:K)

Handelsbanken Fonder AB lifted its stake in Kellanova (NYSE:K) by 29.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 180,783 shares of the company’s stock after purchasing an additional 40,656 shares during the period. Handelsbanken Fonder AB’s holdings in Kellanova were worth $10,108,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in K. Invesco Ltd. grew its holdings in shares of Kellanova by 29.4% in the third quarter. Invesco Ltd. now owns 4,990,266 shares of the company’s stock worth $296,971,000 after purchasing an additional 1,132,485 shares during the last quarter. Van ECK Associates Corp grew its holdings in Kellanova by 27.4% during the 3rd quarter. Van ECK Associates Corp now owns 4,890,952 shares of the company’s stock worth $291,061,000 after acquiring an additional 1,051,922 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Kellanova by 738.6% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 420,781 shares of the company’s stock worth $23,522,000 after acquiring an additional 370,607 shares in the last quarter. Deutsche Bank AG grew its holdings in Kellanova by 27.4% during the 3rd quarter. Deutsche Bank AG now owns 1,607,621 shares of the company’s stock worth $95,670,000 after acquiring an additional 345,830 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Kellanova by 8.7% during the 3rd quarter. Northern Trust Corp now owns 4,116,944 shares of the company’s stock worth $244,999,000 after acquiring an additional 328,658 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $57.76, for a total transaction of $4,493,728.00. Following the completion of the transaction, the insider now directly owns 51,920,038 shares of the company’s stock, valued at approximately $2,998,901,394.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 933,600 shares of company stock valued at $51,632,748 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

K has been the topic of several recent research reports. Citigroup initiated coverage on shares of Kellanova in a report on Thursday, February 1st. They set a “neutral” rating and a $57.00 target price on the stock. Stifel Nicolaus raised their price target on shares of Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Barclays raised their price target on shares of Kellanova from $55.00 to $60.00 and gave the company an “equal weight” rating in a report on Monday, February 12th. Piper Sandler raised their price target on shares of Kellanova from $59.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Finally, Wells Fargo & Company raised their price target on shares of Kellanova from $56.00 to $58.00 and gave the company an “equal weight” rating in a report on Friday, February 9th. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.27.

Kellanova Stock Performance

K opened at $58.75 on Thursday. Kellanova has a 12-month low of $47.63 and a 12-month high of $72.30. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $20.08 billion, a PE ratio of 21.36, a P/E/G ratio of 2.23 and a beta of 0.40. The firm has a 50 day moving average of $55.85 and a two-hundred day moving average of $54.19.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.07 billion. During the same period last year, the firm posted $0.94 EPS. Kellanova’s revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts anticipate that Kellanova will post 3.57 EPS for the current year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Thursday, February 29th. Kellanova’s dividend payout ratio (DPR) is 81.45%.

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.