In a recent filing with the Securities and Exchange Commission, the W.K. Kellogg (NYSE:K) Foundation Trust disclosed the sale of 114,583 shares of Kellanova (NYSE:K) common stock. The shares were sold at an average price of $81.42 per share, amounting to a total transaction value of approximately $9.3 million. The sale comes as Kellanova trades near its 52-week high of $81.58, following an impressive 46% surge over the past six months, according to InvestingPro data.
Following this transaction, the W.K. Kellogg Foundation Trust holds 48,534,944 shares of Kellanova, as noted in the filing. The sale was conducted under a pre-established trading plan compliant with Rule 10b5-1, which allows insiders to set up a predetermined plan for selling stocks in a manner that avoids concerns about insider trading. InvestingPro analysis indicates the stock currently trades above its Fair Value, with notably low price volatility.
The W.K. Kellogg Foundation Trust, a significant shareholder, continues to maintain a substantial stake in the $28 billion market cap company. Discover more insights about Kellanova's valuation and growth prospects in the comprehensive InvestingPro Research Report, along with 10+ additional ProTips available for subscribers.
In other recent news, Kinross Gold (NYSE:KGC) Corporation has declared a third-quarter dividend of $0.03 per common share, reinforcing its commitment to delivering shareholder value. This dividend is set to be paid to shareholders on record by late November 2024. Non-resident investors are reminded that received dividends will be subject to Canadian non-resident withholding taxes.
In parallel developments, Kellanova's acquisition by Mars, Inc. for $83.50 per share, a deal amounting to $35.9 billion, has been a significant event. This merger, slated to close in the first half of 2025, will merge two leading entities in the global snacking industry. Kellanova's robust financial performance, with net sales exceeding $13 billion in 2023, highlights its financial strength.
Reacting to these developments, several analyst firms have revised their outlooks on Kellanova. Argus, DA Davidson, and RBC Capital have downgraded Kellanova's shares, while BofA Securities upgraded the stock. Piper Sandler, Stifel, and Goldman Sachs have also provided their ratings in light of the recent merger.
Kellanova has also declared a quarterly dividend of $0.57 per share, marking the 400th instance of dividend payouts since 1925, underscoring the company's long-standing commitment to shareholder returns. These are some of the recent developments involving both Kinross Gold Corporation and Kellanova.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.