Summit Global Investments Sells 2,957 Shares of Kellanova (NYSE:K)

Summit Global Investments decreased its position in shares of Kellanova (NYSE:K) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,594 shares of the company’s stock after selling 2,957 shares during the period. Summit Global Investments’ holdings in Kellanova were worth $3,388,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in K. West Family Investments Inc. bought a new position in shares of Kellanova in the fourth quarter worth $268,000. Fisher Asset Management LLC boosted its stake in Kellanova by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 63,503 shares of the company’s stock valued at $3,550,000 after buying an additional 257 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in Kellanova by 3.4% in the fourth quarter. First Trust Direct Indexing L.P. now owns 12,407 shares of the company’s stock valued at $694,000 after buying an additional 408 shares in the last quarter. Savant Capital LLC acquired a new stake in Kellanova in the fourth quarter valued at about $218,000. Finally, Anchor Capital Advisors LLC acquired a new stake in Kellanova in the fourth quarter valued at about $38,939,000. Institutional investors own 83.87% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $52.90, for a total value of $4,115,620.00. Following the completion of the transaction, the insider now directly owns 52,309,038 shares in the company, valued at approximately $2,767,148,110.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 933,600 shares of company stock worth $51,891,044 in the last ninety days. 1.80% of the stock is currently owned by insiders.

Kellanova Stock Performance

K stock traded down $0.79 during midday trading on Friday, hitting $60.49. The company’s stock had a trading volume of 4,363,737 shares, compared to its average volume of 3,257,050. The stock’s 50-day moving average price is $56.15 and its 200 day moving average price is $54.52. The company has a quick ratio of 0.41, a current ratio of 0.66 and a debt-to-equity ratio of 1.51. Kellanova has a 1 year low of $47.63 and a 1 year high of $71.53. The stock has a market cap of $20.67 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 2.18 and a beta of 0.39.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a return on equity of 35.17% and a net margin of 6.25%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities analysts forecast that Kellanova will post 3.57 EPS for the current year.

Kellanova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be paid a $0.56 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.70%. Kellanova’s dividend payout ratio is currently 81.45%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. TD Cowen raised their price objective on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday. Citigroup initiated coverage on Kellanova in a research note on Thursday, February 1st. They set a “neutral” rating and a $57.00 price target on the stock. DA Davidson initiated coverage on Kellanova in a research note on Friday, March 1st. They set a “buy” rating and a $67.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Stifel Nicolaus lifted their price target on Kellanova from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Twelve research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Kellanova has an average rating of “Hold” and a consensus target price of $62.67.

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.