Bank of Montreal Can Has $84.94 Million Position in Kellanova (NYSE:K)

Bank of Montreal Can lifted its holdings in Kellanova (NYSE:K) by 19.5% during the third quarter, HoldingsChannel reports. The firm owned 1,051,532 shares of the company’s stock after purchasing an additional 171,609 shares during the period. Bank of Montreal Can’s holdings in Kellanova were worth $84,943,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in K. D. E. Shaw & Co. Inc. boosted its holdings in Kellanova by 766.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,881,625 shares of the company’s stock valued at $108,532,000 after purchasing an additional 1,664,461 shares during the period. Maverick Capital Ltd. acquired a new position in shares of Kellanova during the second quarter valued at about $88,065,000. Point72 Asset Management L.P. bought a new stake in shares of Kellanova in the second quarter valued at about $63,585,000. Boston Partners grew its position in Kellanova by 117.1% during the first quarter. Boston Partners now owns 1,278,079 shares of the company’s stock worth $73,221,000 after buying an additional 689,395 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Kellanova by 130.1% during the second quarter. AQR Capital Management LLC now owns 1,077,018 shares of the company’s stock worth $62,122,000 after buying an additional 608,989 shares in the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Stock Up 0.0 %

Shares of K opened at $81.13 on Wednesday. The company has a market capitalization of $27.97 billion, a P/E ratio of 27.88, a PEG ratio of 2.61 and a beta of 0.39. Kellanova has a one year low of $51.02 and a one year high of $81.34. The business’s 50 day simple moving average is $80.79 and its 200-day simple moving average is $70.99. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.53.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The business’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts predict that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Monday, December 2nd. Kellanova’s payout ratio is presently 78.35%.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $80.25, for a total value of $9,195,285.75. Following the transaction, the insider now owns 50,482,855 shares in the company, valued at $4,051,249,113.75. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 1,031,247 shares of company stock valued at $83,211,320. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on K shares. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Wells Fargo & Company raised their target price on Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. BNP Paribas downgraded shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price target on the stock. in a research note on Friday, November 1st. Stifel Nicolaus increased their price objective on shares of Kellanova from $64.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Finally, The Goldman Sachs Group assumed coverage on shares of Kellanova in a report on Monday, August 12th. They set a “neutral” rating and a $75.00 price objective for the company. Fifteen analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Kellanova currently has an average rating of “Hold” and an average target price of $76.35.

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.