Harvest Management LLC Acquires New Position in Kellanova (NYSE:K)

Harvest Management LLC acquired a new stake in Kellanova (NYSE:K) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 117,000 shares of the company’s stock, valued at approximately $9,443,000. Kellanova accounts for approximately 4.8% of Harvest Management LLC’s investment portfolio, making the stock its 6th largest position.

Several other institutional investors and hedge funds have also bought and sold shares of K. Blue Trust Inc. raised its stake in shares of Kellanova by 57.2% in the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares during the period. Family Firm Inc. acquired a new stake in Kellanova during the 2nd quarter worth $29,000. CVA Family Office LLC boosted its stake in Kellanova by 529.3% during the 3rd quarter. CVA Family Office LLC now owns 365 shares of the company’s stock worth $29,000 after purchasing an additional 307 shares during the period. Newbridge Financial Services Group Inc. grew its position in Kellanova by 61.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 523 shares of the company’s stock worth $30,000 after purchasing an additional 200 shares during the last quarter. Finally, MCF Advisors LLC grew its stake in shares of Kellanova by 48.8% in the 3rd quarter. MCF Advisors LLC now owns 418 shares of the company’s stock valued at $34,000 after purchasing an additional 137 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $80.25, for a total transaction of $9,195,285.75. Following the completion of the sale, the insider now directly owns 50,482,855 shares of the company’s stock, valued at approximately $4,051,249,113.75. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders have sold 1,145,830 shares of company stock valued at $92,516,606. 1.80% of the stock is currently owned by company insiders.

Kellanova Price Performance

Kellanova stock opened at $80.71 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The stock’s 50 day moving average is $80.82 and its 200-day moving average is $71.52. Kellanova has a 12 month low of $52.46 and a 12 month high of $81.34. The company has a market capitalization of $27.82 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 2.61 and a beta of 0.38.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. Equities research analysts expect that Kellanova will post 3.74 EPS for the current year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Monday, December 2nd. Kellanova’s dividend payout ratio (DPR) is presently 78.35%.

Analysts Set New Price Targets

Several research firms recently commented on K. Royal Bank of Canada lowered shares of Kellanova from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $76.00 to $83.50 in a research report on Thursday, August 15th. Wells Fargo & Company increased their price objective on Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Stifel Nicolaus lifted their target price on shares of Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. Piper Sandler boosted their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, DA Davidson cut Kellanova from a “buy” rating to a “neutral” rating and upped their price target for the company from $80.00 to $83.50 in a report on Monday, August 26th. Fifteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Kellanova presently has an average rating of “Hold” and a consensus price target of $76.35.

Kellanova Profile

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.