Corebridge Financial Inc. Lowers Stake in Kellanova (NYSE:K)

Corebridge Financial Inc. cut its stake in Kellanova (NYSE:K) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,602 shares of the company’s stock after selling 2,949 shares during the quarter. Corebridge Financial Inc.’s holdings in Kellanova were worth $5,879,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Kellanova by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 32,435,744 shares of the company’s stock valued at $2,626,322,000 after acquiring an additional 281,137 shares during the last quarter. State Street Corp lifted its holdings in shares of Kellanova by 5.2% during the 3rd quarter. State Street Corp now owns 14,725,420 shares of the company’s stock valued at $1,188,489,000 after purchasing an additional 731,273 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Kellanova by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 6,725,532 shares of the company’s stock worth $541,052,000 after purchasing an additional 196,564 shares in the last quarter. Barclays PLC grew its stake in Kellanova by 134.7% during the 3rd quarter. Barclays PLC now owns 1,800,363 shares of the company’s stock worth $145,309,000 after buying an additional 1,033,383 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Kellanova by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,680,912 shares of the company’s stock valued at $136,103,000 after buying an additional 50,303 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

Kellanova Stock Performance

NYSE K opened at $82.43 on Friday. The firm has a market capitalization of $28.45 billion, a P/E ratio of 21.30, a PEG ratio of 4.21 and a beta of 0.31. The stock has a 50-day simple moving average of $82.24 and a two-hundred day simple moving average of $81.33. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81. Kellanova has a fifty-two week low of $55.01 and a fifty-two week high of $83.22.

Kellanova (NYSE:K) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.92 earnings per share 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%. On average, equities analysts forecast that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Monday, March 3rd were given a dividend of $0.57 per share. The ex-dividend date was Monday, March 3rd. This represents a $2.28 annualized dividend and a yield of 2.77%. Kellanova’s dividend payout ratio is presently 58.91%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. StockNews.com initiated coverage on Kellanova in a research note on Friday. They set a “hold” rating on the stock. Royal Bank of Canada lowered shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 14th. Fourteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $77.96.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $81.28, for a total transaction of $9,313,306.24. Following the completion of the transaction, the insider now directly owns 48,649,527 shares of the company’s stock, valued at $3,954,233,554.56. This represents a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders sold 1,374,996 shares of company stock valued at $112,737,068. Corporate insiders own 1.80% of the company’s stock.

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.