ABC Arbitrage SA Invests $5.41 Million in Kellanova (NYSE:K)

ABC Arbitrage SA acquired a new position in Kellanova (NYSE:K) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 66,818 shares of the company’s stock, valued at approximately $5,410,000. Kellanova makes up about 0.8% of ABC Arbitrage SA’s investment portfolio, making the stock its 27th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new position in shares of Kellanova in the 4th quarter worth about $27,000. MCF Advisors LLC grew its position in shares of Kellanova by 48.8% in the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after buying an additional 137 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in shares of Kellanova by 41.4% during the third quarter. Capital Advisors Ltd. LLC now owns 540 shares of the company’s stock valued at $44,000 after purchasing an additional 158 shares during the last quarter. Assetmark Inc. raised its position in shares of Kellanova by 26.2% in the 3rd quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after purchasing an additional 131 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Kellanova in the third quarter worth approximately $55,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on K shares. BNP Paribas lowered shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target for the company. in a research report on Friday, November 1st. StockNews.com started coverage on Kellanova in a research note on Saturday, February 8th. They issued a “hold” rating for the company. Fourteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Kellanova presently has a consensus rating of “Hold” and a consensus price target of $77.96.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $80.64, for a total transaction of $9,239,973.12. Following the completion of the transaction, the insider now directly owns 48,878,693 shares in the company, valued at $3,941,577,803.52. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 1,260,413 shares of company stock worth $102,571,264 in the last 90 days. Insiders own 1.80% of the company’s stock.

Kellanova Price Performance

Shares of K stock opened at $82.26 on Friday. Kellanova has a fifty-two week low of $52.46 and a fifty-two week high of $82.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.53 and a current ratio of 0.81. The firm has a market capitalization of $28.35 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 2.53 and a beta of 0.37. The stock’s 50-day simple moving average is $81.34 and its 200-day simple moving average is $79.84.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.61. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. As a group, equities analysts forecast that Kellanova will post 3.91 earnings per share for the current fiscal year.

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.