PNC Financial Services Group Inc. Trims Stock Holdings in Kellanova (NYSE:K)

PNC Financial Services Group Inc. decreased its stake in Kellanova (NYSE:K) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,201 shares of the company’s stock after selling 991 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Kellanova were worth $6,089,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of K. Stonebridge Financial Group LLC purchased a new stake in shares of Kellanova during the fourth quarter worth about $27,000. BankPlus Trust Department purchased a new stake in shares of Kellanova during the fourth quarter worth about $28,000. First Horizon Advisors Inc. grew its position in shares of Kellanova by 64.8% during the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock worth $36,000 after purchasing an additional 173 shares in the last quarter. Sherman Asset Management Inc. purchased a new stake in shares of Kellanova during the fourth quarter worth about $43,000. Finally, Assetmark Inc. grew its position in shares of Kellanova by 26.2% during the third quarter. Assetmark Inc. now owns 631 shares of the company’s stock worth $51,000 after purchasing an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.85, for a total transaction of $9,264,035.55. Following the completion of the sale, the insider now directly owns 48,764,110 shares of the company’s stock, valued at approximately $3,942,578,293.50. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 1,145,830 shares of company stock valued at $93,673,894 in the last ninety days. Insiders own 1.80% of the company’s stock.

Kellanova Price Performance

NYSE:K opened at $82.29 on Thursday. The firm has a market capitalization of $28.41 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 4.21 and a beta of 0.31. Kellanova has a 1 year low of $52.46 and a 1 year high of $83.22. The business has a 50 day simple moving average of $82.00 and a 200-day simple moving average of $81.17. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.61. Kellanova had a return on equity of 37.25% and a net margin of 10.53%. Equities analysts forecast that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. StockNews.com assumed coverage on Kellanova in a research report on Wednesday. They set a “hold” rating for the company. Royal Bank of Canada raised Kellanova from a “sector perform” rating to an “outperform” rating and set a $83.50 price target for the company in a research note on Tuesday, February 18th. Thirteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $77.96.

Kellanova Company 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.