Highbridge Capital Management LLC Increases Position in Kellanova $K

Highbridge Capital Management LLC raised its position in shares of Kellanova (NYSE:K) by 15.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 354,066 shares of the company’s stock after purchasing an additional 47,833 shares during the period. Kellanova makes up approximately 1.2% of Highbridge Capital Management LLC’s holdings, making the stock its 23rd largest holding. Highbridge Capital Management LLC owned approximately 0.10% of Kellanova worth $28,159,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Kellanova by 5.0% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 20,781 shares of the company’s stock valued at $1,715,000 after buying an additional 990 shares in the last quarter. GW&K Investment Management LLC grew its position in Kellanova by 89.2% during the first quarter. GW&K Investment Management LLC now owns 770 shares of the company’s stock valued at $64,000 after acquiring an additional 363 shares during the last quarter. Choreo LLC raised its stake in shares of Kellanova by 6.2% during the first quarter. Choreo LLC now owns 8,762 shares of the company’s stock worth $723,000 after acquiring an additional 510 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of Kellanova by 75.9% in the 1st quarter. KLP Kapitalforvaltning AS now owns 171,518 shares of the company’s stock worth $14,149,000 after acquiring an additional 74,000 shares during the last quarter. Finally, Oak Thistle LLC boosted its stake in shares of Kellanova by 65.9% in the 1st quarter. Oak Thistle LLC now owns 14,752 shares of the company’s stock valued at $1,217,000 after purchasing an additional 5,860 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of the transaction, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Kellanova Price Performance

Shares of Kellanova stock opened at $83.40 on Friday. The company’s fifty day simple moving average is $81.90 and its two-hundred day simple moving average is $80.94. Kellanova has a 12-month low of $76.48 and a 12-month high of $83.47. The firm has a market cap of $29.02 billion, a PE ratio of 21.89, a price-to-earnings-growth ratio of 5.16 and a beta of 0.23. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.88 by $0.06. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.25 billion. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share. As a group, equities analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The firm also recently disclosed 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 is Monday, December 1st. Kellanova’s dividend payout ratio (DPR) is currently 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.