Envestnet Asset Management Inc. Reduces Position in Kellanova (NYSE:K)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in Kellanova by 20.8%, selling 14,560 shares in the first quarter, bringing its total ownership to 55,402 shares valued at approximately $4.57 million.
• Institutional investors control 83.87% of Kellanova's stock, with significant boosts in holdings by firms such as Franklin Resources Inc., which increased its stake by 869.5% in the fourth quarter.
• Kellanova recently achieved a quarterly dividend increase to $0.58, with an annualized yield of 2.91%, scheduled for payment on September 15th.

Envestnet Asset Management Inc. reduced its position in shares of Kellanova (NYSE:K - Free Report) by 20.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,402 shares of the company's stock after selling 14,560 shares during the period. Envestnet Asset Management Inc.'s holdings in Kellanova were worth $4,570,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of K. Teacher Retirement System of Texas bought a new stake in Kellanova in the 4th quarter worth about $209,000. LPL Financial LLC raised its position in shares of Kellanova by 0.8% during the 4th quarter. LPL Financial LLC now owns 106,325 shares of the company's stock valued at $8,609,000 after buying an additional 842 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Kellanova by 3.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 434,182 shares of the company's stock worth $35,260,000 after purchasing an additional 14,136 shares during the period. UniSuper Management Pty Ltd raised its position in Kellanova by 23.0% in the 4th quarter. UniSuper Management Pty Ltd now owns 31,250 shares of the company's stock worth $2,530,000 after purchasing an additional 5,852 shares during the period. Finally, NEOS Investment Management LLC grew its holdings in Kellanova by 28.5% in the 4th quarter. NEOS Investment Management LLC now owns 11,183 shares of the company's stock worth $905,000 after acquiring an additional 2,483 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Wall Street Analyst Weigh In

K has been the subject of several research reports. Citigroup raised shares of Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a report on Thursday, May 29th. Wall Street Zen lowered shares of Kellanova from a "buy" rating to a "hold" rating in a research 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 company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $79.75.

Kellanova Trading Down 0.1%

NYSE:K traded down $0.06 during trading hours on Monday, hitting $79.77. 1,003,850 shares of the company were exchanged, compared to its average volume of 3,051,734. The stock has a market capitalization of $27.67 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 4.25 and a beta of 0.28. The company has a current ratio of 0.80, a quick ratio of 0.52 and a debt-to-equity ratio of 1.25. Kellanova has a one year low of $56.62 and a one year high of $83.22. The company has a fifty day simple moving average of $80.48 and a 200 day simple moving average of $81.62.

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

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.58 per share. This is an increase from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.91%. Kellanova's dividend payout ratio is 57.58%.

Insider Buying and Selling at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $79.92, for a total value of $9,157,473.36. Following the sale, the insider owned 45,670,369 shares in the company, valued at $3,649,975,890.48. This represents a 0.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 1,260,413 shares of company stock worth $101,748,558. 1.80% of the stock is currently owned by corporate insiders.

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.