Canada Pension Plan Investment Board Has $46.17 Million Position in Kellanova (NYSE:K)

Canada Pension Plan Investment Board increased its stake in shares of Kellanova (NYSE:K) by 142.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 800,484 shares of the company’s stock after purchasing an additional 470,910 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.23% of Kellanova worth $46,172,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the last quarter. Family Firm Inc. bought a new stake in Kellanova during the 2nd quarter worth approximately $29,000. BNP Paribas acquired a new position in Kellanova in the 1st quarter valued at approximately $30,000. Ridgewood Investments LLC bought a new position in shares of Kellanova during the second quarter valued at $39,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Kellanova by 139.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock worth $41,000 after purchasing an additional 428 shares during the period. Institutional investors own 83.87% of the company’s stock.

Insider Activity

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, September 16th. The shares were sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the transaction, the insider now directly owns 50,368,272 shares of the company’s stock, valued at approximately $4,062,201,136.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Monday, July 8th. The stock was sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the sale, the insider now directly owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $80.65, for a total transaction of $9,241,118.95. Following the completion of the transaction, the insider now directly owns 50,368,272 shares in the company, valued at $4,062,201,136.80. The disclosure for this sale can be found here. Insiders have sold 929,366 shares of company stock worth $65,106,291 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their target price on Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Barclays upped their target price on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. DA Davidson downgraded shares of Kellanova from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $80.00 to $83.50 in a research report on Monday, August 26th. Royal Bank of Canada cut shares of Kellanova from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Finally, Stifel Nicolaus boosted their target price on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a report on Monday, August 12th. Fourteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Kellanova currently has an average rating of “Hold” and an average target price of $74.32.

Kellanova Price Performance

Shares of K opened at $80.81 on Friday. The business’s fifty day moving average is $72.38 and its 200 day moving average is $62.99. Kellanova has a 12-month low of $47.63 and a 12-month high of $80.97. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The stock has a market cap of $27.63 billion, a P/E ratio of 30.27, a P/E/G ratio of 2.57 and a beta of 0.39.

Kellanova (NYSE:K) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the firm earned $1.25 earnings per share. Sell-side analysts anticipate that Kellanova will post 3.7 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a $0.57 dividend. The ex-dividend date was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 2.82%. Kellanova’s dividend payout ratio is 85.39%.

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.