Janney Montgomery Scott LLC Trims Holdings in Kellanova $K

Janney Montgomery Scott LLC reduced its holdings in shares of Kellanova (NYSE:K) by 21.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,735 shares of the company’s stock after selling 4,521 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Kellanova were worth $1,331,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Kellanova by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company’s stock valued at $2,697,039,000 after buying an additional 259,604 shares during the last quarter. Keybank National Association OH boosted its stake in shares of Kellanova by 0.7% during the 1st quarter. Keybank National Association OH now owns 19,718,498 shares of the company’s stock valued at $1,626,579,000 after buying an additional 128,439 shares during the last quarter. Pentwater Capital Management LP boosted its stake in shares of Kellanova by 39.0% during the 1st quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock valued at $659,920,000 after buying an additional 2,245,000 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Kellanova by 3.0% during the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company’s stock valued at $331,243,000 after buying an additional 117,650 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Kellanova by 11.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,953,288 shares of the company’s stock valued at $243,617,000 after buying an additional 292,063 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $79.55, for a total value of $9,116,350.45. Following the sale, the insider directly owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 572,931 shares of company stock valued at $45,755,411 over the last quarter. 1.80% of the stock is owned by company insiders.

Kellanova Price Performance

Shares of NYSE K opened at $82.85 on Monday. Kellanova has a 1-year low of $76.48 and a 1-year high of $83.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The business’s fifty day moving average price is $79.95 and its two-hundred day moving average price is $80.78. The firm has a market capitalization of $28.80 billion, a PE ratio of 21.75, a P/E/G ratio of 5.16 and a beta of 0.24.

Kellanova (NYSE:K) last issued its earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.05). Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the prior year, the business earned $1.01 earnings per share. Kellanova’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.58 dividend. This is a boost from Kellanova’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. Kellanova’s dividend payout ratio is 60.89%.

Wall Street Analysts Forecast Growth

K has been the topic of several research reports. Weiss Ratings raised Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 8th. Wall Street Zen lowered Kellanova from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Finally, JPMorgan Chase & Co. initiated coverage on Kellanova in a research report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price target on the stock. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $83.38.

Kellanova 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.