Decagon Asset Management LLP Makes New Investment in Kellanova (NYSE:K)

Decagon Asset Management LLP purchased 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 & Exchange Commission. The institutional investor purchased 125,042 shares of the company’s stock, valued at approximately $10,125,000. Kellanova makes up 3.7% of Decagon Asset Management LLP’s investment portfolio, making the stock its 8th biggest position.

A number of other hedge funds also recently bought and sold shares of the business. Stonebridge Financial Group LLC purchased a new position in shares of Kellanova in the fourth quarter valued at approximately $27,000. BankPlus Trust Department purchased a new position in shares of Kellanova in the fourth quarter valued at approximately $28,000. Rialto Wealth Management LLC purchased a new position in shares of Kellanova in the fourth quarter valued at approximately $32,000. Flagship Wealth Advisors LLC purchased a new position in shares of Kellanova in the fourth quarter valued at approximately $32,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Kellanova by 64.8% in the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock valued at $36,000 after acquiring an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on K. Royal Bank of Canada upgraded Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 target price on the stock in a research report on Tuesday, February 18th. StockNews.com started coverage on Kellanova in a report on Wednesday, March 12th. They issued a “hold” rating for the company. Thirteen analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Kellanova currently has an average rating of “Hold” and an average price target of $77.96.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.85, for a total value of $9,264,035.55. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 1,260,413 shares of company stock valued at $103,099,492. 1.80% of the stock is currently owned by corporate insiders.

Kellanova Price Performance

K stock opened at $82.36 on Wednesday. The business has a fifty day moving average of $82.09 and a two-hundred day moving average of $81.22. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.29. The stock has a market cap of $28.43 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 4.21 and a beta of 0.31. Kellanova has a 52-week low of $54.47 and a 52-week high of $83.22.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share 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, research analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, March 3rd were paid a $0.57 dividend. The ex-dividend date was Monday, March 3rd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.77%. Kellanova’s payout ratio is presently 58.91%.

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.