Bank of Montreal Can Has $51.27 Million Holdings in Kellanova (NYSE:K)

Bank of Montreal Can decreased its holdings in shares of Kellanova (NYSE:K) by 1.1% in the 2nd quarter, Holdings Channel reports. The fund owned 879,923 shares of the company’s stock after selling 9,718 shares during the period. Bank of Montreal Can’s holdings in Kellanova were worth $51,273,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Wells Fargo & Company MN lifted its stake in Kellanova by 21.1% in the 4th quarter. Wells Fargo & Company MN now owns 470,778 shares of the company’s stock valued at $26,321,000 after purchasing an additional 82,085 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Kellanova by 139.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after acquiring an additional 428 shares during the last quarter. SageView Advisory Group LLC bought a new position in shares of Kellanova in the 4th quarter valued at $225,000. Advisory Services Network LLC boosted its holdings in shares of Kellanova by 11.7% during the 4th quarter. Advisory Services Network LLC now owns 28,234 shares of the company’s stock valued at $1,579,000 after acquiring an additional 2,950 shares in the last quarter. Finally, TD Asset Management Inc grew its position in Kellanova by 7.2% during the 4th quarter. TD Asset Management Inc now owns 1,247,273 shares of the company’s stock worth $69,735,000 after acquiring an additional 83,251 shares during the last quarter. Institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

NYSE:K opened at $80.59 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.97. The company has a fifty day moving average of $73.35 and a 200-day moving average of $63.44. The firm has a market capitalization of $27.55 billion, a P/E ratio of 30.18, a P/E/G ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.11. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The business’s revenue was down 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Kellanova will post 3.7 EPS for the current year.

Kellanova Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.57 per share. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Tuesday, September 3rd. Kellanova’s dividend payout ratio is 85.39%.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the sale, the insider now owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the completion of the sale, the insider now directly owns 50,253,689 shares of the company’s stock, valued at approximately $4,054,467,628.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the transaction, the insider now owns 51,142,038 shares in the company, valued at approximately $2,871,114,013.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,043,949 shares of company stock valued at $74,350,847. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. StockNews.com started coverage on Kellanova in a research note on Wednesday. They set a “hold” rating on the stock. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a research report on Friday, August 2nd. Stifel Nicolaus upped their price target on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Piper Sandler lifted their target price on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Fourteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $74.32.

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.