Geode Capital Management LLC Purchases 158,560 Shares of Kellanova (NYSE:K)

Geode Capital Management LLC lifted its holdings in shares of Kellanova (NYSE:K) by 2.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,884,092 shares of the company’s stock after purchasing an additional 158,560 shares during the period. Geode Capital Management LLC’s holdings in Kellanova were worth $556,014,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC acquired a new stake in shares of Kellanova during the 4th quarter worth approximately $27,000. BankPlus Trust Department acquired a new position in shares of Kellanova during the 4th quarter worth about $28,000. Rialto Wealth Management LLC bought a new stake in shares of Kellanova in the 4th quarter valued at about $32,000. Flagship Wealth Advisors LLC bought a new stake in shares of Kellanova in the 4th quarter valued at about $32,000. Finally, First Horizon Advisors Inc. raised its position in shares of Kellanova by 64.8% in the 4th quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock valued at $36,000 after acquiring an additional 173 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. StockNews.com assumed coverage on shares of Kellanova in a research note on Friday, March 28th. They issued a “hold” rating for the company. 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. Fourteen analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Kellanova currently has an average rating of “Hold” and a consensus price target of $77.96.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $82.70, for a total transaction of $9,476,014.10. Following the sale, the insider now owns 47,847,446 shares in the company, valued at $3,956,983,784.20. This represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders sold 1,260,413 shares of company stock valued at $103,473,032. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Performance

K opened at $82.52 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. The company has a market capitalization of $28.49 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 4.21 and a beta of 0.31. The business’s 50-day moving average price is $82.30 and its two-hundred day moving average price is $81.38. Kellanova has a 1 year low of $55.01 and a 1 year high of $83.22.

Kellanova (NYSE:K) last announced its 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 return on equity of 37.25% and a net margin of 10.53%. Equities analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.76%. The ex-dividend date was Monday, March 3rd. Kellanova’s payout ratio is 58.91%.

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.