California Public Employees Retirement System Raises Stock Holdings in Kellanova (NYSE:K)

California Public Employees Retirement System increased its stake in Kellanova (NYSE:K) by 0.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,617,857 shares of the company’s stock after acquiring an additional 13,771 shares during the quarter. California Public Employees Retirement System’s holdings in Kellanova were worth $90,454,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in K. Impact Partnership Wealth LLC acquired a new position in Kellanova in the third quarter worth $131,000. Newbridge Financial Services Group Inc. lifted its position in shares of Kellanova by 95.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,170 shares of the company’s stock worth $70,000 after buying an additional 570 shares during the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of Kellanova by 26.6% in the 3rd quarter. CreativeOne Wealth LLC now owns 4,430 shares of the company’s stock valued at $264,000 after buying an additional 930 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Kellanova by 349.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 41,027 shares of the company’s stock valued at $2,442,000 after buying an additional 31,895 shares during the last quarter. Finally, CX Institutional grew its position in shares of Kellanova by 779.8% during the 3rd quarter. CX Institutional now owns 39,223 shares of the company’s stock valued at $2,300,000 after buying an additional 34,765 shares during the last quarter. 83.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on K shares. DA Davidson initiated coverage on Kellanova in a research note on Friday, March 1st. They issued a “buy” rating and a $67.00 target price for the company. StockNews.com lowered Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Piper Sandler increased their target price on Kellanova from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Citigroup initiated coverage on shares of Kellanova in a report on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Kellanova from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Twelve research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $62.27.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.68, for a total transaction of $4,254,104.00. Following the sale, the insider now owns 52,775,838 shares in the company, valued at $2,885,782,821.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 933,600 shares of company stock valued at $51,632,748 over the last three months. Insiders own 1.80% of the company’s stock.

Kellanova Price Performance

Shares of NYSE K opened at $58.75 on Thursday. Kellanova has a twelve month low of $47.63 and a twelve month high of $72.30. The company has a current ratio of 0.66, a quick ratio of 0.41 and a debt-to-equity ratio of 1.51. The firm has a 50-day moving average of $55.85 and a two-hundred day moving average of $54.19. The company has a market capitalization of $20.08 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 2.23 and a beta of 0.40.

Kellanova (NYSE:K) last released its earnings results on Thursday, February 8th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.74 by $0.04. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.07 billion. Kellanova had a net margin of 6.25% and a return on equity of 35.17%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. As a group, analysts expect that Kellanova will post 3.57 earnings per share for the current fiscal year.

Kellanova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Thursday, February 29th. Kellanova’s dividend payout ratio (DPR) is presently 81.45%.

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.