Resona Asset Management Co. Ltd. Makes New Investment in Kellanova (NYSE:K)

Resona Asset Management Co. Ltd. bought a new position in shares of Kellanova (NYSE:K) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 148,424 shares of the company’s stock, valued at approximately $12,020,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Independent Advisor Alliance lifted its position in Kellanova by 16.5% during the 4th quarter. Independent Advisor Alliance now owns 7,203 shares of the company’s stock valued at $583,000 after acquiring an additional 1,019 shares during the period. Toronto Dominion Bank increased its stake in shares of Kellanova by 5.1% during the third quarter. Toronto Dominion Bank now owns 178,845 shares of the company’s stock valued at $14,435,000 after purchasing an additional 8,686 shares in the last quarter. Wedmont Private Capital purchased a new position in shares of Kellanova during the fourth quarter valued at approximately $384,000. Barclays PLC boosted its position in shares of Kellanova by 134.7% in the 3rd quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after purchasing an additional 1,033,383 shares in the last quarter. Finally, Alpine Associates Management Inc. grew its stake in shares of Kellanova by 93.5% in the 4th quarter. Alpine Associates Management Inc. now owns 612,850 shares of the company’s stock worth $49,622,000 after buying an additional 296,150 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Wall Street Analysts Forecast Growth

K has been the topic of several analyst reports. Royal Bank of Canada downgraded Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. StockNews.com initiated coverage on shares of Kellanova in a research report on Saturday. They set a “hold” rating on the stock. Fourteen investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $77.96.

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 dated Tuesday, January 14th. The stock was sold at an average price of $81.42, for a total transaction of $9,329,347.86. Following the completion of the sale, the insider now owns 48,534,944 shares in the company, valued at approximately $3,951,715,140.48. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 1,260,413 shares of company stock valued at $103,473,032. Company insiders own 1.80% of the company’s stock.

Kellanova Stock Down 0.4 %

K opened at $82.25 on Monday. The firm has a 50 day moving average price of $82.31 and a 200-day moving average price of $81.40. The stock has a market capitalization of $28.39 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 4.21 and a beta of 0.34. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. Kellanova has a twelve month low of $55.01 and a twelve month high of $83.22.

Kellanova (NYSE:K) last announced its earnings results on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. Equities research analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were paid 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 was Monday, March 3rd. Kellanova’s dividend payout ratio is presently 58.91%.

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.