LRI Investments LLC Invests $342,000 in Kellanova (NYSE:K)

LRI Investments LLC bought a new position in Kellanova (NYSE:K) during the first quarter, Holdings Channel reports. The firm bought 5,475 shares of the company’s stock, valued at approximately $342,000.

A number of other hedge funds have also recently modified their holdings of the stock. Gabelli Funds LLC raised its holdings in Kellanova by 8.6% in the 1st quarter. Gabelli Funds LLC now owns 66,800 shares of the company’s stock worth $3,827,000 after purchasing an additional 5,300 shares during the period. Keeley Teton Advisors LLC raised its holdings in shares of Kellanova by 21.5% during the first quarter. Keeley Teton Advisors LLC now owns 46,181 shares of the company’s stock valued at $2,646,000 after acquiring an additional 8,179 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Kellanova by 15.8% during the first quarter. Advisors Asset Management Inc. now owns 31,434 shares of the company’s stock valued at $1,801,000 after acquiring an additional 4,284 shares during the last quarter. CreativeOne Wealth LLC increased its holdings in shares of Kellanova by 56.6% in the first quarter. CreativeOne Wealth LLC now owns 12,142 shares of the company’s stock valued at $696,000 after purchasing an additional 4,387 shares during the last quarter. Finally, LGT Group Foundation increased its holdings in shares of Kellanova by 49.5% in the first quarter. LGT Group Foundation now owns 8,075 shares of the company’s stock valued at $463,000 after purchasing an additional 2,675 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

K has been the subject of several recent research reports. DA Davidson increased their price target on Kellanova from $67.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, May 9th. TD Cowen increased their price target on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft lowered their price objective on Kellanova from $62.00 to $60.00 and set a “hold” rating for the company in a research report on Tuesday. Barclays lowered their price objective on Kellanova from $64.00 to $61.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. Finally, Bank of America lowered their price objective on Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Thirteen research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Kellanova has an average rating of “Hold” and an average price target of $61.50.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total value of $4,739,576.00. Following the sale, the insider now owns 51,764,438 shares in the company, valued at $3,153,489,562.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares in the company, valued at $1,572,769.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the completion of the transaction, the insider now owns 51,764,438 shares of the company’s stock, valued at $3,153,489,562.96. The disclosure for this sale can be found here. Insiders have sold a total of 865,600 shares of company stock worth $50,897,082 over the last quarter. 1.80% of the stock is owned by company insiders.

Kellanova Trading Up 0.3 %

Shares of K stock traded up $0.19 on Friday, reaching $57.47. 1,805,259 shares of the stock were exchanged, compared to its average volume of 1,663,620. The firm has a 50 day moving average of $58.46 and a two-hundred day moving average of $57.09. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. Kellanova has a 1-year low of $47.63 and a 1-year high of $67.81. The stock has a market cap of $19.65 billion, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 2.08 and a beta of 0.34.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.10 EPS. On average, research analysts anticipate that Kellanova will post 3.61 EPS for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.57 per share. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.97%. Kellanova’s dividend payout ratio is 83.90%.

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.