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

Bank of Montreal Can trimmed its position in Kellanova (NYSE:K) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 879,923 shares of the company’s stock after selling 9,718 shares during the period. Bank of Montreal Can owned approximately 0.26% of Kellanova worth $51,273,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. grew its stake in Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after acquiring an additional 170 shares during the period. Family Firm Inc. acquired a new position in shares of Kellanova in the 2nd quarter valued at approximately $29,000. BNP Paribas bought a new stake in Kellanova during the 1st quarter worth approximately $30,000. Ridgewood Investments LLC acquired a new stake in Kellanova during the 2nd quarter worth approximately $39,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Kellanova by 139.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after buying an additional 428 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

Shares of NYSE K opened at $80.59 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.48 and a debt-to-equity ratio of 1.46. The company 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 has a 12 month low of $47.63 and a 12 month high of $80.97. The stock has a 50 day moving average of $73.35 and a 200-day moving average of $63.44.

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

Kellanova Increases Dividend

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

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the 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 sale, the insider now owns 50,253,689 shares of the company’s stock, valued at $4,054,467,628.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were 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 owns 50,253,689 shares of the company’s stock, valued at $4,054,467,628.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $57.64, for a total transaction of $4,484,392.00. Following the completion of the transaction, the insider now directly owns 51,219,838 shares in the company, valued at $2,952,311,462.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,043,949 shares of company stock valued at $74,350,847. 1.80% of the stock is owned by insiders.

Analysts Set New Price Targets

K has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Royal Bank of Canada downgraded Kellanova from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $76.00 to $83.50 in a research note on Thursday, August 15th. JPMorgan Chase & Co. increased their price objective on Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. The Goldman Sachs Group assumed coverage on Kellanova in a research note on Monday, August 12th. They issued a “neutral” rating and a $75.00 target price on the stock. Finally, BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a research note on Monday, August 5th. Fourteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.