Cerity Partners LLC Sells 36,000 Shares of Kellanova (NYSE:K)

Cerity Partners LLC lowered its stake in shares of Kellanova (NYSE:K - Free Report) by 39.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,477 shares of the company's stock after selling 36,000 shares during the period. Cerity Partners LLC's holdings in Kellanova were worth $4,494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Kellanova by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company's stock valued at $2,626,322,000 after acquiring an additional 281,137 shares during the last quarter. Keybank National Association OH raised its stake in Kellanova by 0.7% during the first quarter. Keybank National Association OH now owns 19,718,498 shares of the company's stock worth $1,626,579,000 after purchasing an additional 128,439 shares during the period. Geode Capital Management LLC raised its stake in shares of Kellanova by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,884,092 shares of the company's stock valued at $556,014,000 after acquiring an additional 158,560 shares during the period. Pentwater Capital Management LP increased its stake in Kellanova by 8.5% during the 4th quarter. Pentwater Capital Management LP now owns 5,755,000 shares of the company's stock worth $465,982,000 after buying an additional 450,700 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Kellanova by 2.7% in the 4th quarter. Invesco Ltd. now owns 4,168,070 shares of the company's stock valued at $337,489,000 after buying an additional 111,396 shares during the period. Hedge funds and other institutional investors own 83.87% of the company's stock.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $79.54, for a total value of $9,113,931.82. Following the sale, the insider owned 45,784,952 shares of the company's stock, valued at $3,641,735,082.08. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 1,374,996 shares of company stock valued at $111,466,342. 1.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

K has been the topic of several research reports. Citigroup upgraded shares of Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a research note on Thursday, May 29th. Wall Street Zen cut shares of Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Fourteen equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $79.75.

Kellanova Price Performance

K stock opened at $79.99 on Friday. The stock's 50 day moving average price is $80.76 and its 200 day moving average price is $81.67. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. The firm has a market cap of $27.75 billion, a P/E ratio of 20.20, a PEG ratio of 4.24 and a beta of 0.28. Kellanova has a 1 year low of $56.37 and a 1 year high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the business posted $1.01 EPS. The business's revenue for the quarter was down 3.7% on a year-over-year basis. On average, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.85%. Kellanova's dividend payout ratio (DPR) is currently 57.58%.

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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