Rialto Wealth Management LLC Buys New Stake in Kellanova (NYSE:K)

Rialto Wealth Management LLC purchased a new position in shares of Kellanova (NYSE:K) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 392 shares of the company’s stock, valued at approximately $32,000.

Several other institutional investors and hedge funds also recently modified their holdings of K. Stonebridge Financial Group LLC acquired a new position in shares of Kellanova during the fourth quarter valued at approximately $27,000. BankPlus Trust Department bought a new position in Kellanova during the 4th quarter valued at $28,000. First Horizon Advisors Inc. boosted its stake in Kellanova by 64.8% during the 4th 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. Sherman Asset Management Inc. acquired a new position in shares of Kellanova during the 4th quarter valued at $43,000. Finally, Assetmark Inc. raised its stake in shares of Kellanova by 26.2% in the 3rd quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after buying an additional 131 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.85, for a total transaction of $9,264,035.55. Following the completion of the sale, the insider now directly owns 48,764,110 shares in the company, valued at approximately $3,942,578,293.50. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 1,145,830 shares of company stock valued at $93,673,894. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Performance

Kellanova stock opened at $82.45 on Monday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56. The company has a market cap of $28.46 billion, a P/E ratio of 21.31, a price-to-earnings-growth ratio of 4.21 and a beta of 0.31. Kellanova has a fifty-two week low of $52.46 and a fifty-two week high of $83.22. The firm’s 50 day simple moving average is $81.92 and its 200-day simple moving average is $81.14.

Kellanova (NYSE:K) last released its earnings results on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, beating 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%. As a group, equities research analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend is Monday, March 3rd. Kellanova’s dividend payout ratio is currently 58.91%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on K. Royal Bank of Canada raised Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 target price for the company in a research note on Tuesday, February 18th. StockNews.com began coverage on shares of Kellanova in a research report on Tuesday, March 4th. They set a “hold” rating for the company. Thirteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kellanova has a consensus rating of “Hold” and a consensus target price of $77.96.

Kellanova Company 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.