Invesco Ltd. Has $251.91 Million Stock Holdings in Kellanova (NYSE:K)

Key Points

• Invesco Ltd. has reduced its holdings in Kellanova by 26.7%, trimming its stake to approximately 3,053,760 shares, valued at around $251.9 million.
• Kellanova reported EPS of $0.94 for the last quarter, missing the consensus estimate of $0.99, with revenues slightly up year-over-year to $3.20 billion.
• The company has announced a quarterly dividend increase to $0.58, reflecting a dividend yield of 2.9% and a dividend payout ratio of 59.84%.

Invesco Ltd. trimmed its holdings in Kellanova (NYSE:K - Free Report) by 26.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,053,760 shares of the company's stock after selling 1,114,310 shares during the quarter. Invesco Ltd. owned 0.88% of Kellanova worth $251,905,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of K. Envestnet Asset Management Inc. boosted its position in shares of Kellanova by 102.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 69,962 shares of the company's stock valued at $5,665,000 after acquiring an additional 35,377 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Kellanova in the fourth quarter valued at approximately $21,282,000. Bessemer Group Inc. boosted its position in shares of Kellanova by 39.1% in the fourth quarter. Bessemer Group Inc. now owns 6,596 shares of the company's stock valued at $533,000 after acquiring an additional 1,854 shares during the period. Sterling Capital Management LLC boosted its position in shares of Kellanova by 55.5% in the fourth quarter. Sterling Capital Management LLC now owns 15,540 shares of the company's stock valued at $1,258,000 after acquiring an additional 5,544 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its position in shares of Kellanova by 1.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 19,112 shares of the company's stock valued at $1,547,000 after acquiring an additional 197 shares during the period. 83.87% of the stock is owned by institutional investors.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $80.07, for a total transaction of $9,174,660.81. Following the completion of the transaction, the insider directly owned 45,326,620 shares in the company, valued at $3,629,302,463.40. This represents a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 1,260,413 shares of company stock worth $101,234,081 in the last three months. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

K has been the subject of several research reports. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price objective for the company in a research report on Thursday, May 29th. Wall Street Zen lowered Kellanova from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Six analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $83.38.

Kellanova Stock Performance

Shares of NYSE K traded up $0.11 during trading hours on Friday, reaching $80.19. The stock had a trading volume of 1,978,321 shares, compared to its average volume of 2,265,651. The business's fifty day moving average is $79.80 and its two-hundred day moving average is $81.45. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.45. The company has a market cap of $27.88 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 4.97 and a beta of 0.27. Kellanova has a twelve month low of $77.70 and a twelve month high of $83.22.

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

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.58 per share. This is a positive change from Kellanova's previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 2.9%. Kellanova's dividend payout ratio is currently 59.84%.

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.