Cullen Frost Bankers Inc. Cuts Position in Kellanova (NYSE:K)

Cullen Frost Bankers Inc. decreased its position in Kellanova (NYSE:K) by 9.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,791 shares of the company’s stock after selling 506 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Kellanova were worth $388,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its stake in shares of Kellanova by 2.2% in the fourth quarter. Arizona State Retirement System now owns 80,091 shares of the company’s stock worth $6,485,000 after acquiring an additional 1,732 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Kellanova in the fourth quarter worth $9,919,000. SPC Financial Inc. grew its stake in shares of Kellanova by 5.7% in the fourth quarter. SPC Financial Inc. now owns 2,976 shares of the company’s stock worth $241,000 after acquiring an additional 160 shares in the last quarter. Assetmark Inc. grew its stake in shares of Kellanova by 613.8% in the fourth quarter. Assetmark Inc. now owns 4,504 shares of the company’s stock worth $365,000 after acquiring an additional 3,873 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Kellanova by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,680,912 shares of the company’s stock worth $136,103,000 after acquiring an additional 50,303 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Kellanova Price Performance

Shares of NYSE:K opened at $82.45 on Friday. The company has a 50-day simple moving average of $81.92 and a 200-day simple moving average of $81.13. Kellanova has a one year low of $52.46 and a one year high of $83.22. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81. The stock has a market capitalization of $28.46 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 4.21 and a beta of 0.31.

Kellanova (NYSE:K) last announced its earnings results on Thursday, February 6th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.61. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. On average, analysts predict that Kellanova will post 3.93 EPS for the current year.

Kellanova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Monday, March 3rd will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.77%. Kellanova’s payout ratio is 58.91%.

Insider Buying and Selling

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $82.55, for a total transaction of $9,458,826.65. Following the transaction, the insider now directly owns 47,732,863 shares in the company, valued at approximately $3,940,347,840.65. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 1,260,413 shares of company stock valued at $102,920,742 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. StockNews.com started coverage on shares of Kellanova in a research note on Tuesday, March 4th. They issued a “hold” rating for the company. Royal Bank of Canada upgraded shares of Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 target price for the company in a research note on Tuesday, February 18th. Thirteen equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $77.96.

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.