Kellanova (NYSE:K) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Kellanova by 37.5%, now holding 152,311 shares valued at approximately $12.56 million.
• Kellanova's recent dividend is set at $0.58 per share, increasing from the previous $0.57, with a yield of 2.9%.
• In its latest earnings report, Kellanova missed consensus EPS estimates by ($0.05), reporting $0.94 EPS and generating $3.20 billion in revenue for the quarter.

Bank of Nova Scotia trimmed its position in Kellanova (NYSE:K - Free Report) by 37.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 152,311 shares of the company's stock after selling 91,412 shares during the period. Bank of Nova Scotia's holdings in Kellanova were worth $12,564,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. lifted its position in Kellanova by 2.0% in the first quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company's stock worth $526,000 after purchasing an additional 123 shares during the period. Sequoia Financial Advisors LLC increased its holdings in shares of Kellanova by 1.3% in the first quarter. Sequoia Financial Advisors LLC now owns 10,423 shares of the company's stock valued at $860,000 after buying an additional 132 shares in the last quarter. Legacy Advisors LLC increased its holdings in shares of Kellanova by 7.1% in the first quarter. Legacy Advisors LLC now owns 2,687 shares of the company's stock valued at $222,000 after buying an additional 179 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of Kellanova by 6.0% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,288 shares of the company's stock valued at $271,000 after buying an additional 185 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Kellanova by 2.8% in the first quarter. GAMMA Investing LLC now owns 6,889 shares of the company's stock valued at $568,000 after buying an additional 186 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. Wall Street Zen cut Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Twelve analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $81.80.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $79.92, for a total transaction of $9,157,473.36. Following the transaction, the insider directly owned 45,670,369 shares in the company, valued at $3,649,975,890.48. The trade was a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 1,374,996 shares of company stock worth $110,891,136. Insiders own 1.80% of the company's stock.

Kellanova Price Performance

Shares of NYSE:K opened at $79.90 on Monday. The company's fifty day moving average is $80.24 and its two-hundred day moving average is $81.57. 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 has a 12-month low of $61.47 and a 12-month high of $83.22. The company has a market cap of $27.78 billion, a P/E ratio of 20.97, a price-to-earnings-growth ratio of 4.93 and a beta of 0.27.

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

Kellanova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This is a boost from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a dividend yield of 2.9%. Kellanova's payout ratio is currently 59.84%.

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.

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