Bank of New York Mellon Corp Decreases Stock Holdings in Kellanova (NYSE:K)

Bank of New York Mellon Corp trimmed its holdings in shares of Kellanova (NYSE:K) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,615,188 shares of the company’s stock after selling 115,328 shares during the quarter. Bank of New York Mellon Corp’s holdings in Kellanova were worth $130,782,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. State Street Corp increased its position in Kellanova by 5.2% in the third quarter. State Street Corp now owns 14,725,420 shares of the company’s stock worth $1,188,489,000 after buying an additional 731,273 shares during the last quarter. Geode Capital Management LLC increased its position in Kellanova by 3.0% in the third quarter. Geode Capital Management LLC now owns 6,725,532 shares of the company’s stock worth $541,052,000 after buying an additional 196,564 shares during the last quarter. Barclays PLC increased its position in Kellanova by 134.7% in the third quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after buying an additional 1,033,383 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Kellanova by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,630,609 shares of the company’s stock worth $131,606,000 after buying an additional 35,268 shares during the last quarter. Finally, Ilex Capital Partners UK LLP increased its position in Kellanova by 63.8% in the third quarter. Ilex Capital Partners UK LLP now owns 1,624,222 shares of the company’s stock worth $131,091,000 after buying an additional 632,510 shares during the last quarter. 83.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $80.64, for a total value of $9,239,973.12. Following the completion of the transaction, the insider now directly owns 48,878,693 shares in the company, valued at approximately $3,941,577,803.52. This represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 1,145,830 shares of company stock valued at $93,461,916. Company insiders own 1.80% of the company’s stock.

Kellanova Price Performance

NYSE:K opened at $82.90 on Friday. The firm has a market capitalization of $28.62 billion, a price-to-earnings ratio of 21.42, a P/E/G ratio of 4.21 and a beta of 0.37. Kellanova has a 52-week low of $52.46 and a 52-week high of $82.94. The stock has a fifty day moving average of $81.77 and a 200 day moving average of $80.96. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. On average, research analysts expect that Kellanova will post 3.93 EPS for the current fiscal year.

Kellanova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Monday, March 3rd will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.75%. The ex-dividend date is Monday, March 3rd. Kellanova’s dividend payout ratio is 58.91%.

Analysts Set New Price Targets

A number of analysts have issued reports on K shares. Royal Bank of Canada raised Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 target price for the company in a research report on Tuesday, February 18th. BNP Paribas downgraded Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 target price for the company. in a research report on Friday, November 1st. Finally, StockNews.com assumed coverage on Kellanova in a research report on Monday, February 24th. They issued a “hold” rating for the company. Thirteen analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.96.

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.