SteelPeak Wealth LLC Invests $3.22 Million in Kellanova $K

SteelPeak Wealth LLC acquired a new stake in Kellanova (NYSE:K) in the third quarter, HoldingsChannel reports. The firm acquired 39,289 shares of the company’s stock, valued at approximately $3,222,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Trust Co. of Toledo NA OH bought a new position in shares of Kellanova during the second quarter valued at $45,000. CYBER HORNET ETFs LLC acquired a new position in Kellanova during the 2nd quarter worth about $55,000. Capital Advisors Ltd. LLC grew its position in shares of Kellanova by 32.7% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 718 shares of the company’s stock valued at $57,000 after buying an additional 177 shares during the last quarter. CoreFirst Bank & Trust acquired a new stake in shares of Kellanova in the second quarter valued at about $59,000. Finally, ST Germain D J Co. Inc. raised its position in shares of Kellanova by 114.3% during the second quarter. ST Germain D J Co. Inc. now owns 750 shares of the company’s stock worth $60,000 after acquiring an additional 400 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Kellanova from a “sell” rating to a “hold” rating in a research 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. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $83.50.

Kellanova Stock Performance

NYSE K opened at $83.44 on Friday. Kellanova has a one year low of $76.48 and a one year high of $83.65. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.68 and a quick ratio of 0.44. The business has a 50 day simple moving average of $83.34 and a 200 day simple moving average of $81.22. The stock has a market capitalization of $29.03 billion, a P/E ratio of 22.92, a P/E/G ratio of 11.61 and a beta of 0.23.

Kellanova (NYSE:K) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.88 by $0.06. Kellanova had a net margin of 10.08% and a return on equity of 31.73%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter last year, the firm posted $0.91 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. Research 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 was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, December 1st. Kellanova’s payout ratio is 63.74%.

About Kellanova

Kellanova (NYSE: K) is a global consumer foods company formed from the reorganization of the historic Kellogg business. The company focuses on the manufacture, marketing and distribution of packaged food products across several categories, with an emphasis on snacks, ready-to-eat cereals, frozen breakfast and other convenience foods. Kellanova’s operations draw on a long consumer-brands heritage and a portfolio designed to reach everyday retail and snack occasions around the world.

Kellanova’s activities include product development, manufacturing, marketing and global supply-chain management for branded food products.