Kellanova (NYSE:K) is Water Island Capital LLC’s 3rd Largest Position

Water Island Capital LLC boosted its holdings in shares of Kellanova (NYSE:K) by 4.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 645,072 shares of the company’s stock after purchasing an additional 25,288 shares during the quarter. Kellanova makes up 5.6% of Water Island Capital LLC’s holdings, making the stock its 3rd largest position. Water Island Capital LLC’s holdings in Kellanova were worth $52,231,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Stonebridge Financial Group LLC purchased a new position in Kellanova in the 4th quarter valued at $27,000. BankPlus Trust Department purchased a new position in shares of Kellanova during the 4th quarter worth approximately $28,000. Rialto Wealth Management LLC acquired a new position in Kellanova during the fourth quarter worth $32,000. Flagship Wealth Advisors LLC acquired a new position in Kellanova during the 4th quarter worth about $32,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Kellanova by 64.8% in the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock valued at $36,000 after purchasing an additional 173 shares in the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. StockNews.com assumed coverage on Kellanova in a report on Saturday, April 5th. They issued a “hold” rating for the company. Royal Bank of Canada downgraded shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Fourteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $77.96.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $81.69, for a total value of $9,360,285.27. Following the sale, the insider now owns 48,420,361 shares of the company’s stock, valued at approximately $3,955,459,290.09. This represents a 0.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 1,260,413 shares of company stock valued at $103,558,970. 1.80% of the stock is owned by insiders.

Kellanova Price Performance

Shares of NYSE K opened at $82.18 on Friday. The company has a market cap of $28.37 billion, a PE ratio of 21.24, a P/E/G ratio of 4.21 and a beta of 0.34. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. Kellanova has a 1-year low of $55.01 and a 1-year high of $83.22. The stock has a fifty day moving average price of $82.33 and a 200 day moving average price of $81.46.

Kellanova (NYSE:K) last issued its earnings results on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, topping 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%. Sell-side analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.77%. 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.