Envestnet Asset Management Inc. Cuts Stock Holdings in Kellanova $K

Envestnet Asset Management Inc. reduced its position in Kellanova (NYSE:K) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,918 shares of the company’s stock after selling 4,484 shares during the period. Envestnet Asset Management Inc.’s holdings in Kellanova were worth $4,050,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Kellanova by 0.8% in the first quarter. Vanguard Group Inc. now owns 32,695,348 shares of the company’s stock worth $2,697,039,000 after purchasing an additional 259,604 shares during the last quarter. Pentwater Capital Management LP raised its position in Kellanova by 39.0% in the 1st quarter. Pentwater Capital Management LP now owns 8,000,000 shares of the company’s stock worth $659,920,000 after buying an additional 2,245,000 shares during the last quarter. Northern Trust Corp lifted its stake in Kellanova by 3.0% during the 1st quarter. Northern Trust Corp now owns 4,015,549 shares of the company’s stock valued at $331,243,000 after acquiring an additional 117,650 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Kellanova by 11.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,953,288 shares of the company’s stock valued at $243,617,000 after acquiring an additional 292,063 shares during the period. Finally, Amundi boosted its holdings in shares of Kellanova by 12.0% during the 1st quarter. Amundi now owns 2,949,498 shares of the company’s stock valued at $243,481,000 after acquiring an additional 316,567 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

K has been the topic of a number of research analyst reports. JPMorgan Chase & Co. began coverage on shares of Kellanova in a research report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective on the stock. Wall Street Zen upgraded shares of Kellanova from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Finally, Weiss Ratings cut Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $83.50.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 45,097,438 shares of the company’s stock, valued at $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by insiders.

Kellanova Stock Performance

Shares of NYSE K opened at $83.32 on Friday. Kellanova has a 12-month low of $76.48 and a 12-month high of $83.45. The firm has a market capitalization of $28.99 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 5.16 and a beta of 0.23. 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 50 day moving average of $81.58 and a 200 day moving average of $80.92.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. Kellanova had a net margin of 10.56% and a return on equity of 32.54%. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter last year, the company posted $0.91 EPS. The company’s revenue was up .8% compared to the same quarter last year. On average, research analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. Kellanova’s payout ratio is currently 63.74%.

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.