Seamount Financial Group Inc. Invests $220,000 in Kellanova $K

Seamount Financial Group Inc. purchased a new stake in Kellanova (NYSE:K) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,760 shares of the company’s stock, valued at approximately $220,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Kellanova by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company’s stock valued at $2,697,039,000 after purchasing an additional 259,604 shares during the period. Keybank National Association OH lifted its holdings in Kellanova by 0.7% in the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company’s stock valued at $1,626,579,000 after buying an additional 128,439 shares during the period. Pentwater Capital Management LP boosted its stake in Kellanova by 39.0% in the first quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock valued at $659,920,000 after acquiring an additional 2,245,000 shares during the last quarter. Northern Trust Corp boosted its stake in Kellanova by 3.0% in the first quarter. Northern Trust Corp now owns 4,015,549 shares of the company’s stock valued at $331,243,000 after acquiring an additional 117,650 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Kellanova by 11.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,953,288 shares of the company’s stock worth $243,617,000 after acquiring an additional 292,063 shares during the period. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on K shares. JPMorgan Chase & Co. assumed coverage on Kellanova in a research note on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 price target on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Kellanova in a report on Saturday, September 27th. Finally, Wall Street Zen cut Kellanova from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Five analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $83.38.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the sale, the insider directly owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 687,514 shares of company stock worth $54,869,342. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Price Performance

K opened at $82.67 on Tuesday. 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 has a 12 month low of $76.48 and a 12 month high of $83.22. The company has a fifty day simple moving average of $79.72 and a 200 day simple moving average of $80.76. The stock has a market cap of $28.74 billion, a P/E ratio of 21.70, a P/E/G ratio of 5.15 and a beta of 0.24.

Kellanova (NYSE:K) last posted its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, research analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.58 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $2.32 annualized dividend and a dividend yield of 2.8%. This is a boost from Kellanova’s previous quarterly dividend of $0.57. Kellanova’s payout ratio is presently 60.89%.

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.