The W.K. Kellogg (NYSE:K) Foundation Trust recently sold a significant portion of its holdings in Kellanova (NYSE:K), according to an SEC filing. The trust sold 114,583 shares of the company's common stock at an average price of $80.6892 per share, amounting to a total transaction value of approximately $9.25 million. The sale comes as Kellanova trades near its 52-week high of $81.34, with the stock delivering an impressive 49% return year-to-date. Following this sale, the trust retains ownership of 48,993,276 shares in the $27.8 billion market cap company.
This transaction was executed under a pre-established trading plan in compliance with Rule 10b5-1(c) of the Securities Exchange Act of 1934. The trust, managed by trustees including LaJune Montgomery Tabron and Steve Cahillane, serves as the sole beneficiary of the W.K. Kellogg Foundation. According to InvestingPro data, Kellanova maintains a strong financial health score and has consistently paid dividends for 54 consecutive years, demonstrating long-term stability despite current analysis suggesting the stock is trading above its Fair Value.
In other recent news, Kinross Gold (NYSE:KGC) Corporation announced a Q3 dividend of $0.03 per share, emphasizing its commitment to delivering shareholder value. Meanwhile, Kellanova has been a focal point due to several significant developments. The company's acquisition by Mars, Inc. for $83.50 per share, a transaction valued at $35.9 billion, is projected to unite two major entities in the global snacking industry. Kellanova also declared a quarterly dividend of $0.57 per share, marking the 400th instance of dividend payments since 1925.
Analyst firms such as Argus and DA Davidson have downgraded Kellanova's shares from Buy to Hold and Neutral respectively, while RBC Capital downgraded the company from Outperform to Sector Perform. On the other hand, BofA Securities upgraded Kellanova's stock from Neutral to Buy. Piper Sandler and Stifel raised their price targets to align with the acquisition price, and Goldman Sachs initiated coverage with a Neutral rating.
These are recent developments that highlight the dynamic nature of the investment world and the ongoing strategies of companies like Kinross Gold and Kellanova.
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