Jensen Investment Management Inc. Cuts Stock Holdings in Kellanova (NYSE:K)

Jensen Investment Management Inc. decreased its position in shares of Kellanova (NYSE:K) by 85.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 14,127 shares of the company’s stock after selling 86,320 shares during the period. Jensen Investment Management Inc.’s holdings in Kellanova were worth $1,140,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its holdings in Kellanova by 26.2% in the third quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after purchasing an additional 131 shares during the last quarter. MCF Advisors LLC boosted its holdings in Kellanova by 48.8% in the third quarter. MCF Advisors LLC now owns 418 shares of the company’s stock worth $34,000 after purchasing an additional 137 shares during the last quarter. S.A. Mason LLC boosted its holdings in Kellanova by 7.6% in the third quarter. S.A. Mason LLC now owns 1,987 shares of the company’s stock worth $160,000 after purchasing an additional 140 shares during the last quarter. Capital Advisors Ltd. LLC boosted its holdings in Kellanova by 41.4% in the third quarter. Capital Advisors Ltd. LLC now owns 540 shares of the company’s stock worth $44,000 after purchasing an additional 158 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Kellanova by 57.2% in the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

Shares of NYSE:K traded up $0.34 on Friday, reaching $81.00. The company’s stock had a trading volume of 1,241,579 shares, compared to its average volume of 1,929,965. Kellanova has a 52-week low of $51.02 and a 52-week high of $81.26. The company has a market cap of $27.92 billion, a P/E ratio of 27.84, a PEG ratio of 2.60 and a beta of 0.39. The company has a 50-day simple moving average of $80.65 and a 200 day simple moving average of $69.11. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.77.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Kellanova had a net margin of 7.85% and a return on equity of 37.05%. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the company posted $1.03 EPS. The business’s revenue was down .7% on a year-over-year basis. As a group, equities research analysts anticipate that Kellanova will post 3.74 EPS for the current fiscal year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.81%. Kellanova’s dividend payout ratio is presently 78.35%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $80.76, for a total transaction of $9,253,723.08. Following the completion of the transaction, the insider now directly owns 49,680,774 shares of the company’s stock, valued at approximately $4,012,219,308.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $80.62, for a total value of $6,272,236.00. Following the completion of the sale, the insider now owns 50,597,438 shares in the company, valued at approximately $4,079,165,451.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $80.76, for a total transaction of $9,253,723.08. Following the completion of the sale, the insider now owns 49,680,774 shares of the company’s stock, valued at approximately $4,012,219,308.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,150,064 shares of company stock valued at $92,680,265. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on K shares. DA Davidson cut shares of Kellanova from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $83.50 in a research note on Monday, August 26th. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a research note on Friday, August 2nd. Stifel Nicolaus lifted their price target on shares of Kellanova from $64.00 to $76.00 and gave the stock a “hold” rating in a research note on Monday, August 12th. Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and raised their price objective for the company from $62.00 to $70.00 in a research report on Friday, August 2nd. Finally, BNP Paribas downgraded shares of Kellanova from an “outperform” rating to a “neutral” rating and set a $83.00 price objective on the stock. in a research report on Friday, November 1st. Fifteen analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Kellanova has an average rating of “Hold” and a consensus target price of $76.35.

Kellanova 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.