Kellanova (NYSE:K) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in shares of Kellanova (NYSE:K) by 2.2% during the second quarter, HoldingsChannel reports. The firm owned 211,081 shares of the company’s stock after buying an additional 4,566 shares during the period. Envestnet Asset Management Inc.’s holdings in Kellanova were worth $12,175,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Blue Trust Inc. raised its stake in Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after buying an additional 170 shares in the last quarter. Family Firm Inc. acquired a new stake in Kellanova during the second quarter worth about $29,000. BNP Paribas acquired a new stake in Kellanova in the first quarter worth $30,000. Ridgewood Investments LLC acquired a new stake in Kellanova in the 2nd quarter valued at approximately $39,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Kellanova by 139.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 736 shares of the company’s stock valued at $41,000 after acquiring an additional 428 shares during the period. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Kellanova in a report on Monday, August 12th. They set a “neutral” rating and a $75.00 target price on the stock. Wells Fargo & Company raised their price target on shares of Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $62.00 to $70.00 in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on Kellanova from $76.00 to $83.50 and gave the company a “hold” rating in a research note on Thursday, August 15th. Finally, BNP Paribas raised Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a research note on Monday, August 5th. Fourteen research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Kellanova presently has an average rating of “Hold” and a consensus target price of $74.32.

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 dated Monday, September 23rd. The stock was sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the sale, the insider now owns 50,253,689 shares in the company, valued at $4,054,467,628.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the completion of the sale, the insider now owns 50,253,689 shares of the company’s stock, valued at approximately $4,054,467,628.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $80.62, for a total value of $6,272,236.00. Following the transaction, the insider now owns 50,597,438 shares in the company, valued at approximately $4,079,165,451.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,043,949 shares of company stock valued at $74,350,847. Company insiders own 1.80% of the company’s stock.

Kellanova Price Performance

Shares of Kellanova stock opened at $80.59 on Thursday. The firm’s 50-day simple moving average is $73.35 and its 200-day simple moving average is $63.44. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.97. The firm has a market cap of $27.55 billion, a P/E ratio of 30.20, a price-to-earnings-growth ratio of 2.59 and a beta of 0.39.

Kellanova (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the company posted $1.25 earnings per share. As a group, research analysts expect that Kellanova will post 3.7 EPS for the current fiscal year.

Kellanova Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.83%. The ex-dividend date was Tuesday, September 3rd. This is an increase from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio is presently 85.39%.

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.