Bank of New York Mellon Corp Reduces Stock Position in Kellanova (NYSE:K)

Bank of New York Mellon Corp lessened its position in shares of Kellanova (NYSE:K - Free Report) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,600,342 shares of the company's stock after selling 14,846 shares during the period. Bank of New York Mellon Corp owned approximately 0.46% of Kellanova worth $132,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Grove Bank & Trust purchased a new stake in shares of Kellanova during the 1st quarter valued at $25,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Kellanova during the 1st quarter valued at $27,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Kellanova during the 4th quarter valued at $32,000. Accredited Wealth Management LLC purchased a new stake in shares of Kellanova during the 4th quarter valued at $36,000. Finally, Twin Tree Management LP purchased a new stake in shares of Kellanova during the 4th quarter valued at $39,000. Institutional investors own 83.87% of the company's stock.

Kellanova Stock Down 0.3%

Shares of Kellanova stock traded down $0.24 during trading on Friday, hitting $79.43. The company's stock had a trading volume of 2,467,948 shares, compared to its average volume of 3,016,556. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. The company has a fifty day simple moving average of $80.98 and a two-hundred day simple moving average of $81.71. The company has a market capitalization of $27.56 billion, a PE ratio of 20.06, a P/E/G ratio of 4.23 and a beta of 0.28. Kellanova has a 52 week low of $55.96 and a 52 week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings data 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 net margin of 10.93% and a return on equity of 34.80%. The firm had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the business posted $1.01 earnings per share. The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. Equities research analysts predict that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.87%. Kellanova's dividend payout ratio is currently 57.58%.

Insider Activity at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $79.37, for a total value of $9,094,452.71. Following the sale, the insider owned 46,014,118 shares in the company, valued at approximately $3,652,140,545.66. The trade was a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 1,374,996 shares of company stock valued at $111,795,196 over the last quarter. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Royal Bank Of Canada lowered shares of Kellanova from a "moderate buy" rating to a "hold" rating in a report on Friday, March 14th. Finally, Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 target price on the stock in a report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $79.75.

About Kellanova

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.