InTrack Investment Management Inc Cuts Position in Kellanova (NYSE:K)

InTrack Investment Management Inc reduced its stake in shares of Kellanova (NYSE:K) by 57.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,800 shares of the company’s stock after selling 9,175 shares during the quarter. InTrack Investment Management Inc’s holdings in Kellanova were worth $390,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in K. Mutual Advisors LLC purchased a new stake in shares of Kellanova during the 3rd quarter valued at $599,000. Synovus Financial Corp grew its stake in shares of Kellanova by 3.3% during the third quarter. Synovus Financial Corp now owns 10,334 shares of the company’s stock worth $615,000 after acquiring an additional 329 shares during the last quarter. Corton Capital Inc. acquired a new position in shares of Kellanova during the third quarter valued at about $208,000. AQR Capital Management LLC raised its position in shares of Kellanova by 39.3% in the 3rd quarter. AQR Capital Management LLC now owns 463,607 shares of the company’s stock valued at $27,478,000 after purchasing an additional 130,727 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Kellanova by 11.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 28,252 shares of the company’s stock worth $1,681,000 after purchasing an additional 2,808 shares in the last quarter. Institutional investors own 83.87% of the company’s stock.

Kellanova Stock Performance

Shares of NYSE K traded down $0.01 during midday trading on Tuesday, reaching $56.71. 1,692,484 shares of the stock were exchanged, compared to its average volume of 2,925,928. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.34. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 21.23, a PEG ratio of 2.04 and a beta of 0.35. The firm has a 50-day simple moving average of $59.69 and a two-hundred day simple moving average of $56.87. Kellanova has a twelve month low of $47.63 and a twelve month high of $68.69.

Kellanova (NYSE:K) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The firm’s revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the business earned $1.10 earnings per share. As a group, analysts anticipate that Kellanova will post 3.62 EPS for the current fiscal year.

Kellanova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Monday, June 3rd were issued a $0.56 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.24 dividend on an annualized basis and a yield of 3.95%. Kellanova’s payout ratio is 83.90%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. TD Cowen upped their price target on shares of Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. DA Davidson raised their target price on Kellanova from $67.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. JPMorgan Chase & Co. boosted their price target on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Finally, Barclays raised their price objective on Kellanova from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Eleven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Kellanova currently has an average rating of “Hold” and an average price target of $61.83.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $57.46, for a total value of $4,470,388.00. Following the completion of the sale, the insider now directly owns 52,075,638 shares in the company, valued at $2,992,266,159.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $57.46, for a total value of $4,470,388.00. Following the sale, the insider now owns 52,075,638 shares in the company, valued at $2,992,266,159.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Nicolas Amaya sold 9,800 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $588,490.00. Following the transaction, the senior vice president now owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 865,600 shares of company stock worth $50,941,428. 1.80% of the stock is owned by corporate insiders.

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.