Janney Montgomery Scott LLC Reduces Stock Position in Kellanova (NYSE:K)

Janney Montgomery Scott LLC decreased its stake in Kellanova (NYSE:K) by 9.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,256 shares of the company’s stock after selling 2,230 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Kellanova were worth $1,753,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of K. First Horizon Advisors Inc. increased its holdings 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 purchasing an additional 173 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Kellanova in the fourth quarter valued at $265,000. Amalgamated Bank raised its stake in Kellanova by 2.9% in the fourth quarter. Amalgamated Bank now owns 53,930 shares of the company’s stock valued at $4,367,000 after buying an additional 1,537 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Kellanova by 0.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 23,091 shares of the company’s stock worth $1,870,000 after purchasing an additional 130 shares in the last quarter. Finally, Carlson Capital L.P. acquired a new position in Kellanova in the 4th quarter valued at about $2,834,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Price Performance

Shares of NYSE:K opened at $78.85 on Friday. Kellanova has a 52 week low of $55.96 and a 52 week high of $83.22. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $27.36 billion, a P/E ratio of 19.91, a PEG ratio of 4.08 and a beta of 0.30. The firm’s 50 day moving average is $81.64 and its two-hundred day moving average is $81.78.

Kellanova (NYSE:K) last issued its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the previous year, the business posted $1.01 earnings per share. The company’s quarterly revenue was down 3.7% on a year-over-year basis. Analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.89%. Kellanova’s dividend payout ratio is currently 57.58%.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $78.42, for a total value of $8,985,598.86. Following the sale, the insider now directly owns 46,128,701 shares in the company, valued at $3,617,412,732.42. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 1,260,413 shares of company stock worth $102,970,013 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on K. Royal Bank Of Canada lowered Kellanova from a “moderate buy” rating to a “hold” rating in a report on Friday, March 14th. Wall Street Zen downgraded Kellanova from a “buy” rating to a “hold” rating in a report on Friday, May 2nd. Finally, Citigroup raised shares of Kellanova to a “neutral” rating and set a $83.50 price target on the stock in a research report on Thursday, May 29th. Fourteen analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Kellanova has an average rating of “Hold” and a consensus price target of $79.75.

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.