Janney Montgomery Scott LLC Lowers Holdings in Kellanova $K

Key Points

• Janney Montgomery Scott LLC reduced its holdings in Kellanova by 21.3% in Q2, now owning 16,735 shares valued at approximately $1.33 million.
• Kellanova recently increased its quarterly dividend to $0.58, resulting in an annualized yield of 2.8%, and a payout ratio of 60.89%.
• Research analysts have mixed ratings for Kellanova, with one upgrade to "buy" and at least four ratings as "hold," leading to an average target price of $83.38.

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

Several other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Kellanova by 2.8% in the 1st quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock valued at $568,000 after purchasing an additional 186 shares during the last quarter. Fifth Third Bancorp raised its stake in Kellanova by 1.1% in the 1st quarter. Fifth Third Bancorp now owns 18,264 shares of the company's stock valued at $1,507,000 after purchasing an additional 204 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Kellanova by 22.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,849 shares of the company's stock valued at $1,637,000 after purchasing an additional 3,665 shares during the last quarter. Grove Bank & Trust acquired a new position in Kellanova in the 1st quarter valued at about $25,000. Finally, State of Alaska Department of Revenue raised its stake in Kellanova by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 31,506 shares of the company's stock valued at $2,598,000 after purchasing an additional 850 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on K shares. JPMorgan Chase & Co. started coverage on shares of Kellanova in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $83.50 target price for the company. Weiss Ratings raised shares of Kellanova from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Kellanova from a "hold" rating to a "sell" rating in a research note on Sunday, September 21st. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $83.38.

Kellanova Stock Down 0.0%

NYSE K opened at $82.85 on Monday. The stock has a market cap 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 has a fifty-two week low of $76.48 and a fifty-two week high of $83.22. The business has a 50 day moving average price of $79.95 and a two-hundred day moving average price of $80.78. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03.

Kellanova (NYSE:K - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.19 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The firm's revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 EPS. As a group, sell-side analysts predict that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.58 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $2.32 dividend on an annualized basis and a yield of 2.8%. This is a boost from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is currently 60.89%.

Insiders Place Their Bets

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider owned 45,097,438 shares in the company, valued at $3,587,501,192.90. This represents a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 572,931 shares of company stock valued at $45,755,411. 1.80% of the stock is owned by corporate insiders.

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.

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