National Bank of Canada FI Lowers Holdings in Kellanova (NYSE:K)

Key Points

• National Bank of Canada FI sold 48,846 shares of Kellanova, reducing its holdings by 17.8% to approximately 224,930 shares, valued at about $18.55 million.
• Kellanova recently declared a quarterly dividend increase from $0.57 to $0.58 per share, yielding approximately 2.9% with a dividend payout ratio of 59.84%.
• The company missed earnings expectations in its latest quarter with an EPS of $0.94, compared to the consensus estimate of $0.99, but reported revenues of $3.20 billion, slightly exceeding analyst expectations.

National Bank of Canada FI reduced its holdings in shares of Kellanova (NYSE:K - Free Report) by 17.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 224,930 shares of the company's stock after selling 48,846 shares during the period. National Bank of Canada FI owned about 0.06% of Kellanova worth $18,554,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of K. Tudor Investment Corp ET AL grew its holdings in shares of Kellanova by 136.0% in the fourth quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock worth $141,356,000 after purchasing an additional 1,006,100 shares during the last quarter. TIG Advisors LLC grew its holdings in shares of Kellanova by 76.5% in the fourth quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock worth $152,084,000 after purchasing an additional 813,901 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Kellanova by 43.1% in the fourth quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock worth $182,659,000 after purchasing an additional 679,754 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Kellanova by 107.4% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock worth $102,187,000 after purchasing an additional 653,504 shares during the last quarter. Finally, Sona Asset Management US LLC boosted its holdings in Kellanova by 427.9% in the fourth quarter. Sona Asset Management US LLC now owns 698,073 shares of the company's stock valued at $56,523,000 after acquiring an additional 565,839 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.

Kellanova Stock Down 0.1%

Kellanova stock traded down $0.11 on Thursday, hitting $80.10. 1,129,959 shares of the stock traded hands, compared to its average volume of 2,979,407. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 1.03. The firm has a market cap of $27.85 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 4.97 and a beta of 0.27. The business's fifty day simple moving average is $79.88 and its 200 day simple moving average is $81.48. Kellanova has a 1 year low of $77.70 and a 1 year high of $83.22.

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

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.9%. This is a positive change from Kellanova's previous quarterly dividend of $0.57. Kellanova's dividend payout ratio (DPR) is currently 60.89%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on K shares. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price target on the stock in a report on Thursday, May 29th. Ten investment analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $83.38.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $79.79, for a total transaction of $9,142,577.57. Following the completion of the transaction, the insider owned 45,555,786 shares of the company's stock, valued at approximately $3,634,896,164.94. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,145,830 shares of company stock worth $92,059,420 over the last ninety days. Company insiders own 1.80% of the company's stock.

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.