Summitry LLC Has $876,000 Stake in Kellanova $K

Summitry LLC increased its stake in Kellanova (NYSE:K) by 32.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 11,014 shares of the company’s stock after purchasing an additional 2,672 shares during the quarter. Summitry LLC’s holdings in Kellanova were worth $876,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of K. Pinnacle Associates Ltd. boosted its position in shares of Kellanova by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 6,373 shares of the company’s stock worth $526,000 after purchasing an additional 123 shares in the last quarter. Independent Advisor Alliance raised its stake in Kellanova by 1.8% during the 1st quarter. Independent Advisor Alliance now owns 7,334 shares of the company’s stock worth $605,000 after buying an additional 131 shares during the period. Cigna Investments Inc. New boosted its holdings in Kellanova by 5.3% in the second quarter. Cigna Investments Inc. New now owns 2,797 shares of the company’s stock worth $222,000 after acquiring an additional 141 shares in the last quarter. Ethic Inc. grew its stake in Kellanova by 0.9% in the second quarter. Ethic Inc. now owns 17,216 shares of the company’s stock valued at $1,360,000 after acquiring an additional 150 shares during the period. Finally, Capital Advisors Ltd. LLC increased its holdings in shares of Kellanova by 32.7% during the second quarter. Capital Advisors Ltd. LLC now owns 718 shares of the company’s stock valued at $57,000 after acquiring an additional 177 shares in the last quarter. 83.87% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,599 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $79.55, for a total transaction of $9,116,350.45. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Kellanova from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings lowered shares of Kellanova from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Kellanova in a report on Wednesday, August 20th. They set a “neutral” rating and a $83.50 price objective for the company. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $83.50.

Kellanova Stock Performance

K stock opened at $83.32 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 1.03. The firm has a market cap of $28.99 billion, a PE ratio of 21.87, a P/E/G ratio of 5.16 and a beta of 0.23. The business has a 50 day moving average of $81.58 and a 200-day moving average of $80.91. Kellanova has a 12-month low of $76.48 and a 12-month high of $83.45.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Kellanova had a return on equity of 32.54% and a net margin of 10.56%.The business’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share. As a group, sell-side analysts expect that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.58 per share. The ex-dividend date is Monday, December 1st. This represents a $2.32 annualized dividend and a yield of 2.8%. Kellanova’s dividend payout ratio is presently 63.74%.

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.