MetLife Investment Management LLC Sells 543 Shares of Kellanova (NYSE:K)

MetLife Investment Management LLC decreased its holdings in shares of Kellanova (NYSE:K) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,649 shares of the company’s stock after selling 543 shares during the quarter. MetLife Investment Management LLC’s holdings in Kellanova were worth $5,621,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in K. D. E. Shaw & Co. Inc. increased its holdings in shares of Kellanova by 766.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock worth $108,532,000 after purchasing an additional 1,664,461 shares during the period. Maverick Capital Ltd. bought a new position in Kellanova during the second quarter valued at about $88,065,000. Point72 Asset Management L.P. acquired a new position in Kellanova in the 2nd quarter valued at approximately $63,585,000. AQR Capital Management LLC lifted its position in shares of Kellanova by 130.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock worth $62,122,000 after acquiring an additional 608,989 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Kellanova by 142.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 800,484 shares of the company’s stock worth $46,172,000 after purchasing an additional 470,910 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays upped their target price on Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Piper Sandler increased their price objective on shares of Kellanova from $63.00 to $83.50 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Royal Bank of Canada downgraded shares of Kellanova from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $76.00 to $83.50 in a report on Thursday, August 15th. BNP Paribas cut shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 target price on the stock. in a research note on Friday, November 1st. Finally, StockNews.com assumed coverage on shares of Kellanova in a research report on Thursday. They issued a “hold” rating for the company. Fifteen research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $76.35.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction 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 owns 50,482,855 shares in the company, valued at $4,051,249,113.75. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 1,145,830 shares of company stock worth $92,516,606. Corporate insiders own 1.80% of the company’s stock.

Kellanova Stock Up 0.2 %

NYSE K opened at $81.29 on Friday. The stock’s 50 day simple moving average is $80.82 and its 200 day simple moving average is $71.32. Kellanova has a one year low of $51.02 and a one year high of $81.34. The firm has a market cap of $28.02 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 2.61 and a beta of 0.39. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53.

Kellanova (NYSE:K) last announced its earnings results on Thursday, October 31st. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.03 earnings per share. As a group, sell-side analysts forecast that Kellanova will post 3.74 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently announced 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. The ex-dividend date is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.80%. Kellanova’s payout ratio is 78.35%.

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.