Envestnet Portfolio Solutions Inc. Trims Holdings in Kellanova $K

Envestnet Portfolio Solutions Inc. trimmed its holdings in Kellanova (NYSE:K) by 10.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,432 shares of the company’s stock after selling 390 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Kellanova were worth $273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of K. Financial Network Wealth Advisors LLC bought a new position in shares of Kellanova during the first quarter valued at approximately $25,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Kellanova in the 1st quarter worth approximately $27,000. Trust Co. of Toledo NA OH bought a new position in Kellanova during the 2nd quarter valued at approximately $45,000. Dagco Inc. purchased a new position in Kellanova during the first quarter valued at $49,000. Finally, Cypress Capital Management LLC WY bought a new stake in Kellanova in the first quarter worth $54,000. Institutional investors own 83.87% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings upgraded Kellanova from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Kellanova from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Finally, JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a report on Wednesday, August 20th. They issued a “neutral” rating and a $83.50 target price for the company. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $83.38.

Kellanova Price Performance

NYSE K opened at $83.01 on Friday. Kellanova has a one year low of $76.48 and a one year high of $83.22. The stock has a 50-day moving average of $80.53 and a 200 day moving average of $80.85. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.45 and a current ratio of 0.68. The company has a market capitalization of $28.86 billion, a price-to-earnings ratio of 21.79, a PEG ratio of 5.16 and a beta of 0.24.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.94 earnings per share (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 company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period in the previous year, the business earned $1.01 EPS. The business’s revenue was up .3% compared to the same quarter last year. On average, sell-side analysts forecast that Kellanova will post 3.93 EPS for the current year.

Insider Transactions at Kellanova

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $79.55, for a total value of $9,116,350.45. Following the sale, the insider owned 45,097,438 shares in the company, valued at approximately $3,587,501,192.90. This trade represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 458,348 shares of company stock valued at $36,597,937 in the last 90 days. Company insiders own 1.80% of the company’s stock.

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.